Financial Audit - I’ve Never Encountered This Before

Episode Date: May 3, 2024

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Restrictions apply. To watch episodes of Financial Audit a week earlier, check us out on YouTube. Hi, my name is Ted. I'm 62 years old. I'm from Austin, Texas. And this is Financial Audit. Thanks for coming on. So what do you do for a?

a living right now. Right now, I'm a retail manager. Retail manager. Okay. What are we making currently as a retail manager? $21 an hour. How many hours a week?

At least 40. At least 40. So you get overtime sometimes? Time and a half for anything over 40. Okay. Yes. So I do have this that came in. This was a stub.

Let's see. So 76 hours over the course of two weeks, potentially. Is this a two week time period? Yes, should be. Five and a half hours of overtime at $31. That's great. And we had net pay of $1,596. So $3,000 a month at $62.

First of all, this is an expensive area. But I do know you're married. So $3,000 a month net is essentially what we can consider for you. But does income come in from the other side of this? Yes. Okay. How much about it? My wife, she makes a little more than me.

So I'd say, I don't know, 3,500. Okay. How are you guys doing right now financially? I'll be honest, in terms of stacks of paperwork, I mean, this thing's a brick. Like, this is a whole... Right? It is. We've never had this.

And it's just all credit cards. Welcome to my world. So, I, yeah, I'm all up in your world right now. what is happening? Why do we have so much debt going into our 60s? You know, 59.5 is designed to be the time when we can withdraw from our tax advantage retirement accounts. Yeah, yeah. I was just talking about this actually with my wife and we should, I should be thinking of retiring now. But actually, I'm not. I'm actually just doing the opposite. I feel like I'm just starting out trying to do stuff. The retail management is not my desire, not my end game. So for,

jobs throughout your career, like what if you've been mostly doing to pay the bills? Gotcha. I worked for the state for about 14 years. Doing what? I worked for a state agency called the Commission on State Emergency Communications. Okay. Which prompted me to get a graduate, get a master's degree. You have a master's degree?

Yeah. Okay. Yeah. I know what you're thinking. Well, maybe. Kind of. I mean, it's just, you know, like, I don't think anyone's dream after master's degrees to be a retail manager, right? Correct.

Yeah, but I also don't. I'm not trying to shit on your job at the same time. No, no. It's okay. Obviously, I'd be wanting you to make more money. Is retirement even in the picture? Like, what are we looking at? You're not kind of have a plan. I mean, I want to retire the latest time possible.

So, so. How do you even know when that is? Well, I mean. Oh, you mean when you're able to get. full benefits? Right, right. Okay. And do you think you'll be able to survive off of both full benefits alone?

Not with $17,000 invested. Oh, no, no, probably not. Why have you been, honestly, throughout your life, why is there so little invested? Like, that scares the fuck out of me. Well, right? We can't all be my brother. My brother's smart. Not that I'm dumb, but he started doing all that investing at a very early age and saving.

But why didn't you? Let's not deflect on that. Right. Why didn't I? Because I'm the black sheep of the family, right? I am the guy who's not the norm who had to go off and go to art school and all that kind of stuff. I went to art school.

Yeah, no, people can still be responsible and go into the passions they desire. Why were you irresponsible with your money? I don't care what you went and studied. There's still responsibilities around life. That's a great question. I don't know. I have no idea why. It must be some kind of, I don't know. Okay.

Okay. Give yourself a financial score of where you think you are. 10 being the best, zero being the absolute worst. Give yourself a financial score. Five. Middle of the road. You think you're average. Solid average.

Negative equity. Negative net worth. Well, we do have a house. Oh, you're right. How is your, how's your wife's retirement? Like, you guys seem very separated in your finances. She's about the same. Oh.

Right. So. And so like this job that I have now doesn't even have benefits. But I'm on her benefits. I mean. Well, Social Security and Medicare, that's the plan? well I suppose

that's hard to live in Austin just on that yeah that's true especially in going into retirement with a mortgage that's not paid off but still has like

$150,000 on it scares me okay let's dive into this if you want your hammer financial scores for free in the description below make sure you're giving him some love for coming on the show and then I have permission here to beat him up

so give them some love for being on the show And also, don't forget to apply to me on the show if you would like to be here and you need to get a nice little scolding from me. So, credit one, this scares the fuck out of me, I'll be honest. Credit one is like the enemy of all, anything that is good in this world. Credit one is evil. And when people have credit one, you know they're in like the bottom of the barrel when it comes to their finances and they're just accepting cards. Why do you have a credit? Not only, not only why do you have a credit one, but why are you spending money on a credit one?

that is having interest accruing that you're barely putting more than the minimum monthly payment towards. Like what are we trying to do? I want you to retire. You want to retire. But how are we going to get there by putting money on a credit one? Well, I need to decide what I need to pay off,

what I can feasibly pay off. I need a plan. That's why I'm here. I need your help. Why haven't you been doing... But why spend on this? Like, paying off is one thing, but why spend? Well, right now our expenses are more than our income, which is horrible, right? So we are barely making it through every month.

What expenses? The required expenses? Yeah. I mean, all the credit card bills, everything. Yes, because your interest accruing alone is very bad on the monthly basis. But you don't get to a better place on that. First of all, didn't you just go through bankruptcy a few years ago? About six years ago, yeah.

And you're in this much debt already again after that. Yeah, yeah, yeah. How much did you get cleared? Oh, I don't remember exactly. How much of this existed during that time? None of that. So you built this up in just a few years. Yeah.

So you didn't learn your lesson. Right. I didn't. Do you think, is there a word for that? Well, it's an insulting word. Dumb. Yeah, yeah, yeah. Is what I would call it.

In a loving one. And I would agree with you. Yeah, it's stupid. I don't know, I don't know why I did. You get a fresh start, so to speak, after the damage from, you know, your credit, bankruptcy I'm talking about. And then you find yourself getting right back into it. I know there's people out there that got to have done the same thing. There has to be.

So what can what can one do to make it not happen? Here's a fun fact. If you couldn't, if you couldn't pay your debt and you had to go through. bankruptcy, don't take out more debt. Don't take out dead afterwards. I know. You went right down the dark path immediately after escaping it. Well, we don't know if I went immediately down, but that's subjective.

We're only a few years in and you have more credit cards than anyone's ever had on this show. Ooh, do I, oh. It's not a good thing. Not a good thing. It's not a good thing. Okay, I can see how you've made it through life. You're joyful. You're a happy guy.

I like that. I like your personality. but this is in general I know it's serious it's totally serious but I'm usually scared for most people who come on this show I'm talking to them at a younger age

to not end up like this but you are here in that position but you had the chance to fix it you went through something traumatic and painful and expensive called bankruptcy yeah I think I wanted to I wanted to hear again

yeah I wanted to be on the show because there are people that are in the same situation as me, the same age. It doesn't always happen to the younger generations. No. And so, you know, and you need somebody to, to give you some tough love and tell you what you've got to do to stop the stupid cycle. First step, no spending on credit one. $30 minimum monthly payment, balance $771.47.

cents interest being accrued on a monthly basis $19.28. Okay. What? Can I mention I've learned a synchrony bank is horrible. Yes. Yeah, yeah, yeah. Okay. I just wanted to say that because I have tons of cards with synchrony bank.

Oh, I know. And I want to get rid of them. Why do you open cards every day of your life? Because I don't do it every day. Borderline, honestly. I'm not like once a week. No, I don't have some of those other cards. You're just, I know, you don't have like payday loans or anything, but you have like,

oh, I did have payday loans. Well, of course you did. I mean, looking at this, I'm not surprised, genuinely. We have an Apple card with a balance of $2,115.60. Okay, with a minimum monthly payment of $67. dollars. Balance went up from the previous month. And this is where you're putting some life insurance payments on a card on a card that's a green interest that you are losing $45 of interest on our monthly basis and your balance only goes up. And we put our insurance payment on there, life insurance.

Should we not do that? What do you mean? I mean, should we should that be like just paid out of on a checking or money is? No, we don't put it on debt. But okay. This is a spoiler. I know you're spending. So if you're going to say we don't have the money, I know you have the money, your spending is dumb and irresponsible. Thank you. I'm jumping the gun. No, no, but I'm seeing the seeing the light.

The spending is ridiculous. Yeah. We spend above our means or what is that right? Yes. But you're doing that in your 60s. Which just scares me. It just scares me. Yeah, yeah.

That scares me. You can't be doing that. I know. I just don't want you to die under a bridge. And that's what I'm terrified of. Oh, God. Discover. Discover it, of course.

Yep, it's a classic one. Okay. See, these... 4,190. That'd be crazy. $4,196. And 78 cents with $57. $57.

dollars of interest accruing. But congratulations. What did we do again? We went and purchased $69 of things. Our balance is the same, even though you paid more than the minimum monthly payment. Minimalsity payments $84, but you paid $100, but it didn't move. Didn't move the needle. We're headed into when you want to retire, when you want to capture full benefits. We're already two and a half years after when you're able to withdraw from taxable accounts penalty free, but we're still only staying level on this credit card, going up on other credit cards. We're already on other credit cards? This is just behavior.

This is behavior. I got to stop it. Why haven't you stopped it then? Why haven't you stopped it? You can't just say, I need to stop that. I know I need to stop being a fat, but I still go out there and I'm like and that's this bad. That's this bad. But why haven't you done this?

This is about you. Why have you not stopped it if you know you need to stop it? Well, I think I'm actually, I think you won't probably believe this, but I think that I have slowed down the process. It's just not going as quickly as I would like. Why? If you would like it, then just do it. Right.

Buddy, this is in-app purchases. Zingo crap. You're just gemming it up all day. Yeah. Yeah. Yeah. You know, I was able to quit smoking and drinking. Wow.

Okay. And I can't quit this. Okay, then I just need to... Well, I can... I shouldn't say that. I can quit this. Right? Yes, I just need you to have a flip phone, dude.

Wow. Just get a flip phone. Who gives... Who cares? I've thought about it. Seriously. But you can't stop going in these and just chiching, chiching, chinch, chink. And this peak thing, merchandise.

$162 of interest this year so far or $57 of interest this month. And we haven't made progress. So, sure, you may have slowed down, But if this is you being slowed down and our credit card balance are maintaining, if not going higher? Right. That terrifies me. Still losing. I don't care if this is slowed down.

This is still beyond unacceptable. eBay. Why do you need an eBay card? I didn't know it was called an eBay card. You open up every card that exists. I mean, I've seen them. Normally, I would say you're not a credit card person. Use the FIS card.

But that's usually for people trying to look for. college benefits and you're probably not going to college yet because you have a pile of student loans that is essentially from the underworld right yeah yeah one thousand four hundred eighty seven dollars on our best spot or eBay card eBay we owe a thousand four hundred eighty seven dollars on an eBay card made a little more than the minimum on the payment I could I could sell stuff on eBay preferably yeah

you might need to I'm serious I'm not joking what do you have do you have a lot of stuff I do have a lot of stuff what do you have well it's like the net value conservative of stuff you do not need and that's not terribly sentimental

I'd have to get a lot of sports memorabilia and I need to get assessed I don't want that to be the first thing but it might be something reasonable $30.66 inch takes me that month and $68. $6.8 of interest that year. Now that synchrony card because we're addicted to synchrony.

You just suck on the... Synchrony every second of your life. I'm their poster child. This is a lows card this time. $535 and $31. $12 of interest accrued. Minimum withy payment, $30. I think there's no payments on here.

I'd flip out. $30, essentially, the same amount of interest was what's accrued this year so far, meaning the balance is pretty new, is not making me happy. JCPenney card. Great. So every store card,

every store that is a chain that you can walk into across the country, you have gone in there and you've opened up a card. $1,591.19 is the balance for this with a minimum monthly payment of $57. Good, no purchases,

but interest, $40.39. Or $88 this year. Oh, fuck, no. $129. of interest this year so far. Venmo. You're on that new age. You got a Venmo credit. Why? Why do you even have this? What do you, what in your life is opening credit to you? Because you do do it more than anyone I know. You're just anytime credit is available, you just open it. Walk me through that. Walk me through your behavior and mind and past around that.

well I recognize that I may have taken it I don't know if advantages no you're being bent over you're being taken advantage of yeah yeah so but I don't I think I think about it more before I take action now I mean you know the process takes time to stop for me you know like here's a credit card I could apply but I don't do it like in the past I probably would have just done it, you know? And what does your wife think of this? She, you know, you guys are very clearly separate. How are her finances?

Separate financially. She has probably the same amount of credit cards. What are you guys? Okay. Perfect pair. Yeah. When you stop and think about applying to these new credit cards, No more thought goes into it.

There's one thought. The thought is no. Gotcha. So on here, a balance of $753.18, minimum monthly payment $30. Purchases on here, $102. The balance went up. Bales went up $90 with $15 and $16 of interest accruing.

Oh, good. More NF. Chaching, chiching, chiching. Great. We're chiching in every second of our life. And we're going to a deli and pizzeria. Where was that? I don't know, a deli and pizza, a little deli and pizzeria.

Oh, oh. Who are you spending all the money on, by the way, when you're going out and doing... Say that again? Who are you spending all the money with and on when you go out to these restaurants all the time? Oh, well, you've mentioned one restaurant, so I don't know about all these restaurants. I know, you're right. I'm getting ahead of myself. So, uh, it's either me for lunch. or it's with my wife and I.

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back to synchrony. Walgreens. Shouldn't know Walgreens had a card. Kill me. I think that's the one that started at all. This is the one. This isn't the one that started at all. You've been through.

They had this display when you walk into the store. I'm serious. And I was like, oh, I probably won't get a credit card, but I think I probably should. Because why? Well, don't you need a credit card? No. Like to rent a car and that.

A credit card is okay if you can manage it. Right. I totally get it. You just went through bankruptcy when you had applied for this. You've proven to yourself through the legal system. You cannot manage it. And then I screwed up again. What was different?

What did you think was going to be different the second time around? Have you only gone through bankruptcy once? Yeah. Okay. Thank you. Why did you think it was going to be different without changing anything? I guess I thought I was going to change. But obviously I did.

Not without actions, man. You don't just think you're going to change. Right. Right. Got to put the actions behind it. Glad you agree. You just didn't do it. $12.87 of interest is accruing on this.

$29 minimum of payment. The balance of $441.20. $43 of interest taken this year so far. I hope you better be willing to chop up your cards because I don't know what the fuck it's for you, man. This is insane. Oh, Verizon. It's like a Verizon card, but like, is this your phone finance? Or like, are you just spending on the Verizon card?

I can't believe how thick this pile still is after going through one, two, three, four, five, six, seven, eight. I was just thinking that, and I'm very sorry about that. But it's all I got there. And the Verizon card, the initial thought was if you put your Verizon bill on their cards, what they say, then you get a discount, right? So that's what I did. You've got coaxed into everything. Yeah. Anything that anyone has ever tried to sell.

Were you a salesman ever? No. Usually they're the easiest people to sell to. I'm surprised you're not. Man, this is horrible because this is like showing how gullible I am, how naive I am. At least financially. Or stupid. Stupid.

Financially. Yeah, right. I call people stupid on the show all the time. They should be noted that it's financial. I hear you. It doesn't mean every aspect in life. $1,290.70 cents is owed on this Verizon card $48. on a minimum monthly basis.

$34.30.30 of interest accrued. Lovely. Upgrade. We've upgraded our life into getting fifted by debt. Upgrade number one. Because there's two of them in here. This one's at $1,272.15. With a minimum monthly payment of $72.

And $58. So let the fucking find this stuff. Why do you have two upgrades? I don't know why I have to, I think the the theory behind these now that it even matters now is

building credit we know we travel so we think how can you guys afford to travel you have you're great at protecting your data but lots of places could still expose you to identity theft I thought it was safe

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Yeah. If you follow the 4% rule on $17,000, you know what you're able to live off on a yearly basis? You're able to live off a grand total of $680 a year. I don't think you can live off of that. You're absolutely correct. For hardly even a week. And this is why the show needs to be taken seriously and why I have the conversation. conversations that I do and why I call people out and call out their bullshit. Because this is a terrifying position to be in.

And my heart is just like dropped. First time I saw your shit, I couldn't believe it. Blew my mind. And this upgrade, the second upgrade, this is the worst one we have so far. $9,260. Oh, yeah. Oh, yeah. And a minimum monthly payment of $4.74.

sense. I run a non-profit. You don't, you can't. You can't. You need profit. Your entire life needs profit. For what? Second. Some of these now that I think of it could have been expenses for that. What nonprofit do you run? Like, what do you do even? Well, every time. Sorry, go ahead. Answer the question. No, I don't know if I should bring that entity into the conversation. No, you don't have to. Well, are you willing to say what it does? Not like the name of it or anything. It's a performing arts venue. Okay.

And I absolutely love that. And you own it or you're a part of it or? It's a nonprofit. So, I mean, what's your position in the nonprofit? I'm the president. Okay. I think I love that.

I love that. I love it. I love it. You can't afford to survive. I don't think we give time to nonprofits unless you're very well compensated to it. I think every time that you are existing. We're all volunteers.

Yeah. I don't get paid. Yeah, I again, love it. That's great. You are in no position to. Every second of your life, man, needs to be bringing in money at this point so that you can have a chance of retirement in early 70s. Oh, yeah, I wasn't sure what you were, yeah. You just can't. You don't have time.

You need to grind it out and that's what sucks so much. It's supposed to be the golden years. But you're about to enter that post-college grind years where I'm going to need you to work like 40. 50 hours a week. 60 hours a week. 70 hours a week. Let's continue. Another synchrony.

Your best friend. Citco. The balance of $3708 and $5. The minimum monthly payment of $29. These minimum monthly payments are going to stack up like crazy. It's going to blow my mind. $10.61 cents of interest is occurring. $35 is here so far.

I mean, the balance has gone up. Great. It's a great sign. Oh, another synchronate. Oh, sicko wasn't enough. We need Chevron as well. Again, every store you've ever walked into, if they offer a credit card, you have accepted it.

$128. It's going to take up my whole notebook. $29 minimum of payment. Oh, purchase is $71. What did you get? What did you possibly? It's not even gas. It's not even gas.

Yes, it's going in and chichinging your gems. What'd I do? Zinka! Oh, really? Yes, really. No, I wasn't aware. How are you not aware? How? How? How? How? How the fiss possible?

How? How are you not aware? I need to be more aware. Oh, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no. How are you not aware? What happened? How is this like all of a sudden attached to that? happen you the purchase went through here how how did that happen do you have every credit card and you accidentally clicked on the wrong one possibly but that doesn't matter but that doesn't matter

I still screwed up because it would have gone on just another credit card so it doesn't matter what are you playing uh I don't know just you know no what are you playing uh um empires and puzzles oh and I don't have my phone with me. Those in-out purchases are insane. You have fallen for the game so hard. You have fallen for the game. And see, the system.

And I... The system around their in-at purchases, you have fallen for it. So if I just, I just need to, I can, I know what I need to do. Or just play the free versions and just not get the extra benefits. Right. Just disconnect the cards.

You'll find a way, though. You'll connect your. your debit card or something, you'll buy gift cards. No, no. You gotta have, you gotta have, you gotta have faith in me, man.

No offense, but how the possible could I have faith in you? You went through bankruptcy and you've taken out more credit cards than anyone I've ever met in my life, my own personal life. And that's not traumatic.

That's not me being dramatic. I know. You went through bankruptcy and you've opened more cards in debt than anyone I've ever met in my life. Since bankruptcy, what faith could I possibly have? It's not against you as a person,

but financially, what faith could I possibly have? I hear you. Ally. Usually it's like a car or a savings account. But no, you just have an LA credit card. $228. Some of these balancers are small that we could just wipe out.

Yeah. No, I'm serious. Don't look at me like that. Couldn't we? We picked the smaller ones. We just wipe them out, cut the card up. It's a great idea. Why haven't you done it?

Well, I mean, if I'm, if I, had done it, then I probably wouldn't be on this show. That's great, but I'm asking why. I would have rather you not been on this show. Oh, right. Right. I see what you're saying. Yeah, yeah, yeah.

Why haven't you paid them? Buddy. Please. Yeah. Come on. Why? Your smallest balance, like $1228. Smallest.

I know for a fact you had that much money. At least. Why did you not just wipe it out? Yeah, I'm obviously making this much harder than it is. I just want an answer. Right. Why? Please.

Why didn't I pay it off? I don't know why. Okay. That's the honest answer. I don't know why. Okay. $12 of interest for good. Another synchrony card.

Oh. They f-me in a bad way. Amazon. I loved this card. I loved it. They randomly just closed my account. They said, you're too risky. We moved into this office, and I bought a lot of stuff,

and they're like, oh, you're too risky. All right. And I couldn't even appeal it. And I f***ed my credit score, and I lost my 5% cashback, whatever. It's not about me. $580.91 cents on here. $29 is your minimum of the payment.

Interest are cooing of $14 to $61. Yes. am I able to ask you a question? Yeah, yeah, yeah. So if you cancel cards, does that make your credit worse? What credit are you trying to take advantage of? Answer that question before I answered yours. No, no, no, I mean, if you want to cancel your cards.

I'm going to answer that question. But I want you to answer my question first. What credit are you trying to take advantage of? What kind of debt are you trying to take out? Credit card debt. What do you mean? You want to take out more credit card debt? No, no, no, no.

I want to cancel the account. But your fear is that it hurts your credit. Yeah. Oh, I see. So who cares if it hurts my credit? Is that what you're getting it and getting that? Yes, if you're not trying to take out any debt. You already have a mortgage.

What kind of debt are you trying to take out? Preferably not because you can't manage that, but what kind of debt are you trying to take out? I don't know how to, I don't know. Are you trying to take it? Do you have plans to take out any debt? No. Then it doesn't matter. I don't give credit scores zero or negative five billion.

Oh, okay. Okay. So yes. I didn't. No, no, no. I wanted to lead you to the water. watering hole. Chop these things up.

Close the accounts. Burn them. Burn them. Do a ritual. We'll go around the fire and we'll make noises and summon crazy things that'll murder us in our sleep. We'll do it. I'll celebrate with you.

Burn them. $33 of interest accrued on a year. At home. At home has a card. Of course, at home has a card. It's a store. So every store in the world. When's the hammer media credit card that people can open up with a million percent

interest rate? You'd open it up if you could. I don't know. $45. So why why wouldn't you pay off $45? $45? Why good at you at least pay off $45? You put more than the minimum on a couple cards.

So why not just pay it off? E statements are horrible. Because I don't think people look at them. That's up to you. That's your personal responsibility. Right. I sit down on a monthly basis and go through everything. That's what adults are supposed to do.

You just haven't. What? No, I deserve it. it, man. I totally deserve it. Keep going because it sucks. With a, yeah, I know, I know it's hard. I know it's hard. I know. I respect the f*** out of you for being here and hopefully wanting to change. $63 of interest this year so far, three bucks in that last month because you have been making progress towards it. Alta, why do you have an Alta one? I don't have any idea. That's because you open every card.

I don't think there's anything. I mean, that's why I think I had to print or... Oh, it's because your balance is nothing. Thank goodness. Thank everything. There was something good in here. This one's just the synchrony card, just straight up to Synchronic Premiere. We've gone so deep in the Synchronic card route that we got the synchrony card itself.

That's when you know you're in love with synchrony. Balance off. Well, we're back up. $656. $0.59. Purchases. Purchases again. Why are we back to purchases?

$30 minimum fee payment. We're doing purchases plus $14.11 cents of interest. Starbucks. Oh, that's more important than retiring? Starbucks? I'm not even, I hate those people. I don't hate. I really don't hate anyone.

But I get a little annoying. People are like, oh, don't Starbucks. Don't get Starbucks. You'll never be able to retire. That's not true. You just got to budget things. But you literally have $17,000. You're 62.

Your net worth is, well, because of the house it's positive but if we added up all the debt it would be negative oh fuck actually I don't even know you might be negative what because I don't know your equity position in the house and we haven't even gotten to the big daddy the big daddy the fucking Dwayne

the Rock Johnson of your debt we have to go there too we but we will oh my god why Starbucks why is that more important than being able to retire on a beach with your wife it's just a stupid habit you've kicked

other stupid habits. I know. Kick that one. Make coffee. Good. Well, I don't go every day. Here's the fun fact. Mostly for you guys. If you were in your position, you're retired college, you just contributed

20%, 20% aside on a monthly basis to retirement. You could have Starbucks every single day and it would perfectly fit in your retirement and you would be able to retire and it would have been great. But we're here now and we have a Nordstrom card. All right, I'm going to give you $20,

right now. All you have to do is sign up for Acorns using my link in the description below. It's an amazing investing platform that you've probably heard about before, and this makes the end of your week even better. There's no strings attached. It's literally a free $20. Use my link in the description below. Is it too late? No, but you're

going to be working longer and harder. We're going to figure it out at the end. Oh, my God. We're also going to teach you how to budget by going through a budgeting class and program. This is like the light version. It's hard to get through everything in like a couple hours. So you're going to go through a budgeting program and get all the education.

Sit down with your wife because she has more credit cards than you. Which I don't even know how that's possible. But sure. $28 balance. See, why not just pay that off and then a $28 minimum payment? Like, I don't get it. What's the point? 72 cents of interest accruing.

Like, I don't even know why you're allowing that. It's the silliest thing. It's so silly. It just, it reeks of financial irresponsibility. What's happening? Oh, it's a, it's this one. An NFL card? An NFL?

I didn't know that was a thing. An NFL extra points card? How'd you even find this? Took some doing, I guess. I don't know. We finally escape the clutch of secreney. Oh, bored. $1,4.

$1,000, $0.26. Of death on this one. End me now 39 cents of interest. Oh, good. Oh, good. More purchases and the balance went up. Great, with a $54 minimum monthly payment. Oh, good.

Oh, what is it? Oh, in-app purchase. Gems. Gems. Gems. $40 of interest. $107 of interest accrued this year so far for gems. For gems.

Good. That's going to piss me off. Oh, we've made it. it ladies gentlemen we've somehow made it how are you

in forbearance or are you an income driven repayment or what is it with your student loans because

I don't know why they've got me in forbearance it could be left over from the pandemic

it could be no that's done I had applied for public service something or other

but how not through your volunteering. No, because I work for the state. That's your retail job is through the state? No, no, no. I had worked for the state before. But you don't anymore. I don't anymore. This scares my... That's not even the amount. I mean, that's just over billions of years of interest. You know what I mean? I mean, the amount I took out was nothing like that. I don't mean, to keep saying your age like it's a bad thing.

Oh no, you can. It puts things in perspective. Totally. Totally. 62 years old and we have 200, 229,000, 529,000 in student loan debt basically at 8% interest. They're not even like low interest student loans. These are just evil. I'll never, never pay that off.

I'll be honest. You're right. and I almost never say that, but just where we are in life, I don't see it as a possibility. And I don't know, you're not, you don't qualify for any,

um, anything. Well, any kind of forgiveness at this time. I, and for some reason it's not making you pay. You're in something. There's something going on.

I just have this. I think because, maybe because that, that servicing company is like under investigation too. Ohila? I don't think so. Are they?

I don't know. You've looked? I think. It's in the news. That could be interesting. I haven't heard that. And I try to follow the financial news as much as possible.

Because we have a news show. You're a weak in money. It's in the description below. O'Hila. Out accusations and mismanaged federal student loan forgiveness program. Well, accusations is not investigations.

Elizabeth Warren invited the CEO to testify before Congress, but I don't think they're subpoenaed. So, no, that wouldn't make much sense. Well, it doesn't matter whether they are or not. The fact is, I'll be dead before that's paid off. I unfortunately agree. Yeah. But I don't even consider that a debt. That's not, I mean, you find out for it.

dude. Right. But don't you think the other things that are more feasible to pay off would make sense than to try to tackle that? I mean, yes. I just, I don't know what you're in right now. Like, it's not income based because interest is like isn't accruing on here from what I can see. So if there were minimum monthly payments on here, I'd try to figure something out. But there's not. but that's like disgusting i feel absolutely disgusted 229,569 37 cents ruin my existence

oh this is your mortgage I have a balance 122,000 205 dollars good good rate under 4% that's fantastic so typically most would advise trying they're best not to take a mortgage into retirement and you're pretty far off from that objective

because especially like you who again if we just withdrew normal rates like a 4% or something what did you have $600 to live off a year but there's been a monthly payment is $1,268 so it's like how are we paying for I guess we're relying on government programs which you've paid into so that's not the worst thing

in the world but they're also just it's not a lot what are full benefits at this time do you know off the top of your head uh 2,300 maximum benefit 3,800

well I'm getting different numbers usually I don't have people your age on this show which I would love more is less common to sign up right 3,822 if you return Okay, this is from the Social Security's website itself.

If you retire at 62 and 2024, your maximum benefit would be $2,710. If you retire at 70, maximum benefit would be 4,873. So you're just trying to push it off as long as you can? Yes. Okay. That's one of the plans. Retail. How are you doing?

You seem healthy. Yeah, I'm. healthy. Good. How do you feel working in retail? Because I know that's a lot of standing, it's a lot of movement. It can be lots of physical labor. The job I currently have is a lot of that. Yeah. How are you feeling? I'm good. Good. Yeah, you seem healthy, seem juvial, jovial, whatever, all the good stuff. So good. I just want to want to make sure you're not out of position that is bad or dangerous for you. Okay, this mortgage, they're not going to know. We'll make sure we cut anything and everything.

For me, could you put in your address and I'm going to check the value? I'm going to lean it like this so they have no chance to see it. Oh, my address? Yeah. We're just going to get a rough estimate because it's obviously not perfect to check.

Oh, there's more cards. Oh, good. I flipped the page. I thought that was the end of the depth. There's more cards. It never ends. It never fucking ends. I hate it in her. I know You're good If it wasn't something

So destructive to your life I'd almost be impressed Here This is just your speed You just want that Zillow is not great To be very clear It's not 100% perfect

But I just wanted an idea Looks like you have about $240,000 of equity in the house Which means your net worth is negative Is your car paid for I don't have a car in my name But my wife has a car in her name And it's not paid for

Do you guys just have one? Yeah. Okay. We used to have two, but we have one. How you doing with one? Horwood. Were we trying to get a new car? We both worked at home at one point, so we didn't really need, even though we had to at the time.

And then I got laid off, and so that's what brought me to retail. But anyway, so then I had a car accident. Oh, fuck. And we had to get another car, so that's why it's not. What, did you have loan on that car? Yeah. Okay, so insurance, I covered that. Okay.

Yeah. 242 on an MGM card. Didn't even know that was the thing, of course. That's because, well, we went to Vegas and... That's not funny. I don't know. But now that I said that in light of all this, that sounds funny. But it's really just a sadish...

$500 a foot. $5.69 of interest is occurring there. Okay. So just for you, just for you, just for this right here on a monthly basis. This isn't minimum monthly payment. This isn't anything like that. Total interest that's being accrued across all of your debts. $906 on a monthly basis.

In interest a month. $906. Yeah. I feel a little sick. Yes. Yes. As you should. That's an answer.

reaction. Don't want you to feel sick. $900. $900.006. And the student loans aren't even accruing interest. If those things were accruing interest, don't do it. Don't do it. Don't do it. Don't do it. I don't know why they're not. So they might at some point. Like, you're, there's something funky going on that I can't see there. They were at what, 7.6%.

There are 229,000, $269. Oh, my gosh. There'd be $17,447 dollars of interest a year on just the student loans itself, which would be an additional $1,453 of interest on a monthly basis if that interest started to accrue. Did I do that math right? I think I did. Also, your wife has even more credit cards than you.

So the interest that you guys are paying across the household is more than double of that, across the household. So it's like I'm not even taking your wife's income. If we didn't have credit cards, we would be able to pay the mortgage just on the money save from the... Yes. So I'm confused how the fucking why the fucking...

You haven't paid off a balance since this is $45. Because we've never taken the time to do this. How? You like, and we live six years. We keep saying we're going to. And we don't. You've lived 3,224 weeks. 3,224 weeks.

I think you could have taken a couple hours during that time to sit down once, especially after bankruptcy. we made it through the debt somehow with zero lines left in my notebook got lucky are you willing to chop them up like we have scissors i need you to i'm not going to pressure you to do anything you don't want to do in terms of physical but you really should chop up these cards close the accounts never have access to them again for any kind of spending i don't carry them with me is that good No. No, I'm just saying I'm more than happy to

Chop them up at home then. I'm glad you don't because you'd be sweeping everything on the way. I will I will give me more credit, man. What credit can I give you? You don't need more credit. Oh, trust me. That's the last thing you can't mean.

All right. But also, what credit? What I give you though? I'm sorry. Through this, like what do you have? Do you have any kids? Yes. How many?

One. Okay. How old are they? It's just 26. How do you feel that because of the irresponsibility you've done in your life, when you're not able to retire here soon, she is going to feel morally irresponsible to take care of you financially

putting her life on hold? She's not going to at all? She won't. Why? Well, I don't want her to. That doesn't matter. If she sees her parents suffering, she will. Doesn't matter what you want. Oh, yeah. If you can't pay your bills and you're about to lose a house, she will. Meaning she's putting things on hold for you. I don't want that to happen.

I know you don't, but guess what? Yeah. Guess what? You haven't been mature one second in your life financially and you've all up. And now we're here. And unless you make major sacrifices now and you're willing to grind, unfortunately for at least the decade, she is going to be putting parts of her financial life on hold to take care of you. So it's really the options, man. Okay. Well, then that you've pushed it to the last minute. That that's the deciding factor right there.

Good. At least we found something. We pulled the lever to pull. Okay. So let's check an account. $1,259 $1.259. Okay. Starbies. We're back. Verizon. More Verizon.

Verizon, $100 than $156 there. Verizon service. Let's do service. Not even putting it on the card. The card that you got so you could get all the discounts? You're not even doing that. $156 there. Yeah, because that plan did not work out.

Because now it's, you know, the card got maxed out. So we had to pay another way because we why buddy I know stupid stupid stupid stupid at least use the people I partner with helium that's $20 a month and you get the same towers as the big guys $20 a month $40 for you and your wife come on this is that's an insane monthly bill Venmoing out $30 Burger King Amazon oh we're going in the f f fain gems $156 of gems Paramount Plus what the fuck are you watching on

Paramount Plus, Amazon first watch Ross Stores Cothran site fee of 464. Oh, and then Coffin's safe. $132. Bring her in payment to Britbox.

Netflix. Nothing good on there anymore. Spotify. I think you can listen to ads if we literally can't retire. Taco Bell. Amazon. $100 of gems. These gems, man. Your gem addiction.

insanity. You've exchanged other addictions for this new addiction. Sherylen Congreed. Ornoldos. Takedos. Einstein's mobile app. Popeyes. Getting things at work. Starbucks. Amazon. Velvet Taco. G.C. Penny. Amazon.

$100 of gems. Every time we're going in there, $100 of gems. Hulu. You have every visual subscription ever. You're also just staring at your phone and getting gems. Oh, wait. Rock stores carries. Wait, wait, wait, wait.

Wait, wait. When you're saying the $100, are you looking at, is that say Google Pay? That one, yes. Okay, that's how I pay my daughter. You're paying your daughter? Well, we give her money to help her live. But you can't live. What do you mean?

I'd rather her live than me. Oh, 47. How is she? What? Does irresponsibility pass via DNA? What is happening? Why can't she afford to live? Well, she's finishing up school right now.

She's masters? No, she's... Why is she at undergrad at 27? Well, hey, you can't put an age on an education. No, you can. I'm asking why. Because that was her choice. What was the choice, though? Is it extending, like, low credit hours across a decade?

Or is it... You'd have to bring her on the show and ask her that. Okay, well, the reason I ask, the easy, the reason I ask is because I want to make sure we're not doing any form of enablement. Because there's right ways to go. Oh, we're not. Okay, well, I can't believe that. You're entitled not to believe.

Well, without knowing context. Because if she took a break between going to school and then went to school and is going to school full time and she's doing it in a correct way, that's awesome. Fully supportive of that. If she's just been off in school for nine years and we're giving her money, that's enabling bad behavior potentially. And I can't support that. That is not what is occurring. Timu.

Amazon, Amazon, Amazon, Amazon, Amazon, Taco Bell's UPS store, Groupon, Starbucks, Google Store. So there's some gems, right? Shutter-Fi Scholastic books. Is that like it donates? Or you're getting books? What can you do with classic books for $20.97 cents? I just said my daughter's going to school.

So that's for the daughter's school thing. Probably. Is it harder working? She does have a job. Crumble? Google stores are gems. Manilow. Apple.

ATT. Stadium. Waterburger. Starbucks. Dude, it keeps going. Takedos. Money transfer via Google. That's either the daughter or gems. Amazon. Era imaging. Disney Plus.

Apple Bill. Starbucks. Nails. We're getting nails dead. Popeyes. Oh, fuck with that. Thank you. That was so much spending. You have debt.

You can't retire. You're spending all your money going out, getting stuff, buying things at work three times. This is a lack of financial maturity. It is behaviors. Do we all supposed to carry around our lunch with this made from home? In your situation, yes. Okay.

If you can't afford it straight? If you, can you afford it? Can I afford what? To not. To go out to eat for lunch? Probably not. No. The correct answer is no, because you're holding credit card debt and you can't retire.

So no, you cannot afford it. So yes, we walk around with lunch. If we can afford it, wonderful. People put in the sacrifices in order to afford it so they can afford it. What? Do you not want to hear it? That is the reality of it. The whole way through.

I'm hearing it. $171 in this savings. And then this check-in's $167. This is transferring things around. So nothing there. $221 in Wells Fargo savings. So nothing we can do with that. And then there's the $18,000 investing.

that I like I hate the number for the age but I like that there's least money in there oh you withdrew $1,500 why was money

withdrawn why was money with drawn? I don't recall that could the wife have done it no she has her own why are you guys financially separate in every way

by the way what do you mean we're not separate I mean we share the checking account so in that checking again was also her? Yeah, yeah.

Okay. Not the debts, not the credit cards. They're separate? Yeah, we don't have like cards on each other's. Authorized users? No. But yeah, that was part of a 401K, obviously, that I, that ended when I got laid off. So I just rolled it or tried to make sense of it into an IRA or something.

Which is great. I'm all about that. I mean, the layoff absolutely sucks. The value went up in terms of the money that was invested. But look, right here, you took out $1,500 right there. Well. No answer? You don't know?

I mean, it was the... Well, would it matter if I said that was for a hospital bill? Would you then, would that be okay? Well, yeah, that can be life and death. Okay, it was for a hospital bill. I mean, it's not for getting Starbucks. True. Okay.

Are you okay? Yeah, I'm fine. Okay. So it was something medically necessary Usually I'm assuming for a hospital We don't have to go into details, but yes Okay, and that is where That's fine. Of course, health savings accounts are

Absolutely great for that Instead of having to take from a retirement Because You'll have to pay penalties Potentially We're also just invested in the overall United States economy We also have 1,296 of it

Not invested, just sitting in cash in there Oh yeah, what do I do with that? Invest it. I think you need to sit down with a licensed professional advisor though, a fiduciary who can talk about potential investment strategies for your age because they're likely going to want to go more conservative with like bonds. Yeah, but that figure to me doesn't even scream that would even benefit me. No, but it's a start. We need to start getting rolling. We need to start the process, you know?

Oh. We need to start the road trip. We're not just sitting at home. you'll never get to wherever you're going if you don't start yeah yeah it's going to be important for you

sitting down with someone and figuring out what kind of funds they'd want you to get in this paperwork is crazy this is a wild amount of paper this is just oh my gosh that was an absolute adventure

an absolute adventure and I'm sorry for the medical bill. Well, like that happens and I am, that sucks. That sucks. That's why that's why we work throughout our life to make sure that we're saving up, maxing out her health savings account as much as we can. And like have an emergency fund or something like that.

Yeah. You all got to use my favorite high yield savings account where you can get up to 4.6% on your money, plus FDIC insurance up to 2,000. You can also get up to $300 for signing up today. It's the personal high-yield savings account that I use for my money, so don't let your money be losing money while it's just sitting there. Click in the link in the description below and get those bonuses. What's that? Oh, just a spreadsheet.

It's a fun little spreadsheet of what also includes your wife. So your wife has a make of America Visa, a target card, a Wayfair card, a Waifer card, this unknown card, a Capital One card, a Chase card, a Discover card, it's a imprint card a credit first card best buy card merit card comment to come in a t card another unknown card another come into t card city card american express card capital one another one another one a credit one too sofi secret name american express i love solfire for the savings but no she has a credit card with them another city card but paypal credit another capital one card another city card Another community card. Another capital one card.

That's the fourth one. Second American Express card. And a fourth comminity card. You can take a look. These are all your wives. You can see it's labeled. $401 payment under your wife's card. We don't even know her balances because, you know, this is an order on you.

It's only an hour show. No, we can go longer than that. We are going longer than that. We're an hour five. We haven't done like a budget or anything. Oh. How was it going through bankruptcy? It wasn't as bad as I thought it would be.

Did you have the house at the time? A mortgage? Yeah. What did they do about that? Did they do anything regarding that? What did they do in terms of... We had a car. They didn't do anything about that.

Want to do it again? No. Oh, okay. Well, no. In that case, I mean, that's not ideal. This is so much. Just you. This isn't even your...

Have you ever recommended to someone to do that? It's only been two times where it's like, that's an option, but I don't feel comfortable recommending it. I'd rather you sit down and get a second opinion before going through that heart. But this isn't even including your wife. You have one, two, three, four, five, six, seven, eight, nine, ten, eleven, twelve, thirteen, fifteen, fifteen, sixteen, sixteen, eighteen, eighteen, eighteen, eighteen, twenty, twenty, twenty, twenty, twenty, twenty, twenty, twenty, 21, 22. Individual debts. Individual debts.

Plus these. Plus your wives. Which is an additional. 1, 2, 3, 4, 5, 6, 7, 9, 10, 11, 12, 13, 14, 15, 16, 17, 17, 17, 21, 21, 21, 21, 21, 21, 21, 21, 22, 23, 24, 25, 26, 27, 28. debts. Whole. We're addicted to taking out debt. That's 50.

Yeah. You're not going to add. total debt for you for you $379,000 but 122 of that is a mortgage the rest of it is bad debt

so over $200,000 of bad debt like $250,000 of bad debt did I do that math right? Does that include the student loan? Yes Which is bad debt that you owe and something's going to happen aha Noah saw it from a distance

it's the one document we printed in color okay so reminder you bring in $3,000 a month $2,996 $97.97

net went to debt so the entirety of what you brought in but in terms of what money went out that was only 30.2% of the money that went out

housing so this is more uh-huh $1,610. $78 cents phone 1.6% of your spending transportation, $916.46. Is this both of them combined?

Okay. So this will, what about the debt payments though? Yeah, that's easy. Okay, so this is both of you combined. So we can bring up the income to $6,500. Okay, well. 9.2% goes to transportation, $916.46 of that for that. And then necessary food grocery stores, $652.14.

cents. 6.6% of the spending $373 or 3.8% went to going out to eat. And also we couldn't see her spending on her credit cards. So these percentages are likely worse if she's putting money on her credit cards. So this is going off the checking accounts and then her minimum monthly payments as well. $544.9 went to unknown shopping typically Amazon. $600. $697 to $16 went to medical health care for 7%. $150.

$150 or 1.5% went to savings. 1.2% went to subscriptions. I don't know why we need to have that if we can only save $150. Just as much went to subscriptions almost as savings. That doesn't really make sense. $660.47. Went to miscellaneous stopping,

getting something stupid, shopping from your own store. How much? $660 and 47 cents. Or 6.7% your spending. $1,0.44. $0.8 went to other large purchases. are $10 and $55.5.5 of purchases.

Those other large purchases were transfers to the Google Wallet, locksmith, house appraisal. Are you looking at selling? House appraisal. I don't know. Some checks, Golden Sacks, bankers, acceptance, collection, sending out money via PayPal and UPS store. Oh boy.

Oh, boy. Now are you considering bankruptcy? I. I just don't want your housing situation to get or the vehicle situation. But it's like if, if, if, uh, 60% of your spending makes up for 100% of your income in terms of the household. And there's actually more spending on her credit cards that we can't see. So we're just looking at minimum payment on hers plus your minimum payment's your spending and then the joint spending in the checking account. 60 to 70% of the spending

or, you know, went to 100% of the income. So we're beyond spending, we're spending 30% more, potentially 40% more than we make. Like, how are you going to make progress in your debts? We just can't be spent. Really, we can't afford any fun spending.

You talk about vacations. We can't really do that right now. I really don't think we can even give money to our daughter. sucks. I want you to. But like it's like, yo girl, I'm dying.

I hear you. No, what you make, what you're saying makes complete sense. I've never seen it broken down like this. I should have broken it down like this. All the time, many times.

Didn't stupidity, bad habit, whatever. I'm mad now. Good. I'm mad at me. Good. Really not mad at anybody else other than me.

It's okay to be a little upset at your wife as well, maybe. Okay, fine. Because there's a lot of debt there that you both are going to have to. If you were married, we're dealing this as a partnership. Yeah. It's going to be a lot of both sides helping. Yeah. This is just tensed me up quite a bit.

I bet. And I appreciate you putting up with me. and all of this because when you look at it easy to do when you look at it this way though this is this I mean I don't even know I don't even know where to start at this point so I mean I know something's and I'm thinking about that right now I'm trying to think of where what where do I point you right out of the gate oh man because you're a living situation in terms of the minimum monthly payment for the space you guys have I mean I'm going to get cheaper via rent if you sell or anything and I don't want you to upgrade your rates rates just came in today at

1% currently across the United States. So it's like the house we're kind of stuck in. Bankruptcy, I would love to clear those small deaths. But again, I don't want your car in living situation potentially. Like you would need to speak to a bankrupt attorney and see the best ways to go about that. Bankruptcy attorney. I would love to see you sit down with the financial advisor to talk about the different funds in your retirement. The crazy part is, oh, wait, you wouldn't have penalties actually when you pulled that out.

I'm sorry, because you're over 59.5. so there wouldn't have been penalties on that 1,500 you pulled up. Right. But there's still, you still got to pay taxes on any growth on any capital gains. Probably what, like 10% in your case? Yeah. So that's not something I'm terribly worried about. Either way.

Yeah, and knowing. And just the growth as well. So sorry, go ahead. No, I was just going to say like in knowing when when there is a value. valid emergency type expense where to get that, you know, if you don't know where you're going to get it, then you just grab it. And that could be the wrong place. You know what I'm saying? Like that that probably is not the best place I could have grabbed that money for it. I agree. And I would be more sympathetic if it was just emergencies, but there was a lot of bullshit in there.

It was like, what, 15, 20% of your spending. Yeah. So it's hard for me to. I'd say more than that. seriously yeah I'm trying to think about the retirement account obviously you need retirement and I'm curious what an advisor would tell you to put it in at this point but even at the best case scenario it's making an average of 10% a year

S&P 500 like but your cards are like 30% so I'm almost like if we're not doing bankruptcy are we just pulling that and throwing towards the debt then paying down the debt as quick as possible by working 50, 60 hours a week which I do not want to see you be doing at 62 but doing that for like literally 10 years to pay off the debt as because you can get a fully funded emergency fund

and then throw as much into investing as we can into what an advice we would recommend for your age. Like, that might be a possibility. But our budget is so extended right now beyond belief. Like, I don't know what to do. Are you able to work as many hours as you want or have they capped you at those slight overtimes? They've never capped me.

I mean... Have you turned down shifts? Can you... How many hours a week do you think you could work if you wanted to? Well, I'm sure they would limit me. at some point, I mean, I can, you know, go up to 45, 50, but that's not what you're talking, you know, but I'm pretty sure they'd say that's enough overtime you can't do anymore. Dude, if you can hit 50, that'd be great other than find another 10 somewhere else.

Again, then that's not something I want. Like, I don't want anyone to take it that way. I don't want you to take it that way. It's just like at this point, it might be a need if bankruptcy is not in consideration. Yeah, what's upsetting is, is, and it's just, you know, crime. for no reason because no one's going to help but me help myself and that's just not making as much as you would think as much as I'd want to make. I know everyone says that but I mean when does income typically captains in someone's career I think

it's like their early 50s so income you know from low 20s kind of goes like this and then you get like your early 50s and then it kind of goes like this yeah typically so I mean you're just you're less competitive in the workplace, just economically speaking, if we're just being like... Yeah, nobody wants to hire. No ageism, no nothing like that. If we're just talking like true competitiveness in the workplace from a capitalistic standpoint, you are less competitive in the workplace because of... Right.

No, you're right. I see it. And ageism does exist, but I certainly can't. I'm not blaming that. That's just the way it is. Yeah. People shouldn't be discriminated on hiring based on age, but if we're also just being subconscious for thinking about hiring someone.

I'd want to hire someone that can work with me for 20, 30 years. That's someone who's looking to retire in a few. Right. But also no one should be discriminated based on age. So it becomes a very complicated topic. And I'm also, I also, I'm willing to admit I have a great amount of ignorance on that topic specifically as well. So usually this is where we make a budget and stuff like that.

Just like the payment. Let me figure out your minimum monthly payments on debt alone required. you didn't miss any I'm not sure how because your spending's crazy so there's something a little off you're lucky these student loans are not making you pay right now

I would love to know what they're on right now I would think income based but typically interest accrues during that I mean minimum monthly payments you bring in only 500 hours more while you're working overtime you're only bringing in 500 hours more than your minimum monthlies and your debts

debts that's not including groceries or health care or anything. That's just debts. 2,500. Gas. Like that. Gas. Yeah.

Maintenance. Same. No. My God. Anything and everything. This is literally only minimum monthly debt payments, a little bit of escrow. $2,500. $33.

$63.68 cents on a monthly basis. My prescription sucks here. My prescription sucks here. Because normally is the way we make a budget and we work our way out of it. I don't know if I've ever seen a budget so far gone. Because that's just yours. And then if we, oh, it's probably. probably the same for the wife.

I mean, if we take out the mortgage, maybe it's like, okay, maybe the combined minimum monthly payments is like closer to like $4,000, $3,500. And even still, it's like with all the other payments and medical things going on that we haven't talked about learning lesson for y'all out there for sure who are like, I'll deal with it later. Future me will be okay with it. Uh-uh.

No, no, no. So are you willing to talk to a certified financial advisor absolutely okay I think that would be your next step just give some advice see what potential consequences

could look like because again okay more than half of this or from the credit cards more than half of this is from the credit cards not the mortgage if we could just get rid of that all of a sudden I can make you a budget and we could get to a point where you're able to retire

you know on the lower end but you'd be able to retire and be debt-free. So have the conversation with that. The financial advisor is going to be analysis and then sitting down with them. You know what? Actually, we have a licensed financial coach on our end that people can sign up for. And he's a CPA and he's like well-versed on a lot of financial things. I'll put you through two sessions with him.

Two sessions with him. he's a financial, you know, licensed financial person. And you'll go through that and based on his advice on who you should talk to next, we'll then point you in that direction. And we might be able to cover something there as well, depending on what that is. Oh, wow. But let's put you with our, like, licensed coach, two sessions. So, yeah, we'll get you set up with that.

I think that's what's going to be important for you because this one, the prescription is literally talking to different professionals. in different specific areas who can focus on different things because your debt has just gotten so massive that it's almost impossible to budget out on just what we have. Yeah, I'm sorry.

No, you don't need to apologize. I know, just usually I can be a little more productive. You have been productive. Okay, well, thank you. You have been. You've put it the way I needed to hear it. I mean, you know what I mean? Yeah, sure.

Yeah, I mean, I'm not stupid. I realize it's unbelievable. I do need to change your. You're not stupid. Trust me. I've talked to a lot of stupid people. You're not stupid. Financially, ignorant, absolutely.

But one thing I need you to change overnight, starting today and having any conversation with your wife about this, behavior needs to change immediately. We cannot be going out to you. We can't be doing Starbucks. We can't be buying things from our store. Yes, we're going to put you through these systems and get you connected with people. and potentially cover certain things outside of our own. But what you have to do now is change your behavior the moment you walk outside this door.

Because you cannot afford to do all this extra stuff. I can't keep adding. You can't. It's really literally for you. It's literally whatever your basic minimum needs are is all that you can afford right now until we get something sorted out. Because there's also a big piece of the picture missing from what does the wife's debt look like more than just the minimum monthly payments, which is what we have.

So. I agree. that's my diagnosis we're going to be in touch we're going to do follow-ups on our new follow-up channel and we're going to do things and we're going to hopefully figure this out

but this is going to be a long process and let me be very clear it's going to take a lot of work this is going to be the first time in your life where you're actually going to be financially focused and like building something because I want to see a minimum

decent comfortable retirement within a decade, a decade and a half which sucks because I would want you to be entering that right about now. But that's where we are. No, you've made complete sense. I'm all for it. I'm ready to do it.

In fact, I'm already thinking when I get home, not thinking, you know, scissor time. Good, good, good, good. With the cards, not your wife. Good. Or with both. Correct. You do what you want to do.

Make sure to stick around for the post show, everyone. I think, I mean, it's pretty clear. It's a hammer financial score. Actually, there's going to be a real estate score here, so I will, I think it's a hammer financial score one out of ten because real estate's playing a big thing here. Make sure to check out all the resources linked in the description below. They are what I use or would use in specific situations, including the best budgeting program and the history of the internet. Today on the Financial Audit Post Show. Did anyone ever say, like, retirement, dude?

Set some money aside. You hear that a lot. You have every intention of doing that. Something happens. and it's like 20 years have gone by and you're like, why didn't I? Why didn't somebody tell me this, right? You say that in a stupid funny way, but it's not funny. And you realize, well, wait, people did tell me this.

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