Financial Audit - Making $20,000 A Year And Spending It All On Fast Food

Episode Date: August 3, 2023

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USAA knows dynamic duos can save the day, like superheroes and sidekicks or auto and home insurance. With USAA, you can bundle your auto and home and save up to 10%. Tap the banner to learn more and get a quote at usaa.com slash bundle. Restrictions apply. Hi, my name is Colton Murphy. I'm 26. I'm based out of Rock Springs, Texas. And this is financial audit.

What do you do for a living in Rock Springs? So I work at a Christian adventure camp right outside of Rock Springs. Okay. Currently right now my role is as a retreats coordinator or host. So we talk with men's groups and with churches and things. We haven't come out. Specifically, I'm in charge of men's groups and Wounded Warrior Project Odyssey groups. Oh, interesting.

Okay, when I heard camp, I was thinking like children. We do have kids come out, but I'm more on the adult side. So this is like, this happens all year then? Yes. It's not just like a summer, spring type thing. Okay, cool. and what do you bring in from this position? So currently I bring in 18.9.

That is my take-home pay. 18,900? 18,900. I don't get paid too much. But I'm actually getting, I'm latterly transferring to another job at the same camp. Okay. It's not much of a bump.

I'm changing up to 19,000, or 19,000, sorry. So it's a $100? $100 bump. Most of my income comes from my disability pay from the military. Oh, what did you, where did you start, or like what branch were you in? I was in the Army. Okay. I was a paratrooper in the 82nd Airborne.

Yeah. I could never do that. It was crazy. I'm terrified of heights. Yeah. I ended up having a pretty traumatic experience. I had a double parachute malfunction. Ended up falling from around 1,800 feet.

And I shattered my left femur into 20. I'm having you're alive from right. For sure. Jeez. But yeah, so 26 different bone fragments. They ended up putting a bunch of metal in my leg. And that's what my disability comes from. Instead of skydiving, you should hit the subscribe button because, I mean, instant gratification.

And we're trying to get to 500,000 subscribers. So I like that segue? Yeah, I love it. It was great. What do you bring in with the disability? With a disability, it's six. 1,663 a month. Even that itself would not be enough to live on.

So you're required to get something else. Yes. I don't have to pay rent out there. You live on the camp? So I don't pay rent. I don't have to pay for my own food. And I don't have to pay for utilities. The food you're getting good on a camp?

No, it's not. Yeah, I was going to say every camp I ever went to. So that's part of why I want a budget and to kind of rein my finances in. Yeah, that makes sense. Why do they pay nothing? We are it's ministry work. Anywhere that you work for a ministry is not going to pay very well.

It's we're more doing it because we believe in what we're doing rather than we're getting paid. Well, you have the option to because you have the disability, not that. I mean, obviously something bad had to happen in order to get that. So it's not like, woo, we're celebrating or anything. But if you didn't have that, you could not You couldn't retire. You couldn't do anything.

And this is like 40 hours a week type thing? I pull in about 80 hours a week. All right. Well, you're better that man than me. Wow. So I see we had payroll across the different things, which includes the disability of $2,935 and $0.30 hit within the most recent months. That's not about right to you?

That sounds about right. Okay. So basically $3,000. Yeah. That's what we're getting. Now that is livable. Also, that town that just said you're from in Texas, I've never heard of it. It must be very small.

Rock Springs is tiny. We actually don't even live in Rock Springs. We are about 45 minutes outside of the town. And there's only about 60 of us that live at this camp. Oh, yeah. Interesting. Now, you're in debt. Mm-hmm.

I am in debt. Credit cards. Yep. And there's like brutal interest. but I want to know how you would describe your financial situation from your own perspective and then give yourself a score 0 at 10. Yeah. So if we look at just the debt, it looks very bad.

But I have about $15,000 in an investment account. I also have a $5,000 emergency fund right now, as well as that $10,000 in the IRA I send you as well. So I'd say I'm prepared for emergency. I'm just, I suck at dealing with the money I have at hand. So I put myself like a five. Well, that emergency fund, I mean, that's, well, obviously we'll want more than that. But that's like the perfect starting block to getting started on paying off all the poo that we got. But we aren't in debt.

And I'm a little confused to some of the choices that are in here. I'm glad the retirement fund and stuff like that. And disabilities, does that forever? Yes, that's for the rest of my life. Yeah. I wouldn't say that's a retirement plan because I would say it's not enough to live on, but it is supplemental. So you have about a thousand bucks at the time of this statement in your checking account, which was more than you started with. But a few things concern me.

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Okay, it's not. This is one out of many pages, and it's all bullshit. You're right. You have credit cards that we're trying to pay off. Yet we are just bullshit. Which, by the way, the camp you work at, they're supposed to give you money, and they barely give you any money, but you give them a lot of money.

I do. If you're living there, they should just compensate is what I'm saying. You should have to do this. What is this? Vending machines? Is that what happened? We have a, we've got a coffee shop. I'll buy coffee.

stuff from there. Okay. We do get a discount, but I mean, it's still got a markup on it. If they're going to pay you $19,000, it should be free. That's all I'm saying. $100 raise.

Chick-fil-A, coffee, Austin Go, it was a cash app out, and Amazon coffee, coffee, coffee, cash app

and then Austin Go all's ups. $7.11, $5. So now that wasn't gas. We were stopping for bullshit. Tamuta says it's popped up a couple times. The Bet, Better link?

So that, I actually ended up getting all that money back, and I put it into my credit cards. It was originally a debt consolidation thing. So I was putting money into a debt consolidation account. I didn't like how they instructed me to not talk to my creditors. So I ended up canceling. it after my credit score took a hit. And then I started talking with Capital One again, and we're on a payment plan.

Okay. Oh, interesting. We'll have to talk about that because I did not have the Capital One statement. So it's worse than my thought. Okay, so some Google payment, some Google payment, $21.31 and $6.42 and Taco Bell and Spotify and Amazon. And, again, if that was paid with Google and Amazon and YouTube, stuff and Supercell and coffee and coffee and Supercell. Let's see.

So out of this, just one page of checking account, I've determined that two. Two out of potentially 20, we're not complete and they were just you getting gas. Yep. Two out of 20 and there's debt. We're talking to a debt consolidation company and yet we're doing this. Why are you spending so much money, dude? Money. What's the mindset behind it?

What are we doing? When you're walking around the camp, how far is your walk around things? And you live on camp? How far as you walk around things? How business is camp? We are 1,400 acres, so I normally do like a good few miles of walking. Two good miles? Okay.

Are you able to do this wild concept of brew your own coffee instead of getting coffee three times a day or whatever it is? My goodness. Dude. Now, this is what extra concerns me. On this statement, specifically, you transferred $300 in from savings. So we were getting dangerously low balance and we had to transfer in from savings because we wanted to keep going on Chick-fil-A and getting tequitos at gas stations and stuff like that. Yes. I want to get to the mindset behind that.

We'll get there. But guess what? We have another page of green lines because, dude, you don't not spend everything out here. There's not one good purchase. No, there's not one good purchase on this entire place. Okay, except for transient a little in your savings, which you took out on that previous part. But, dude, it's YouTube and Google and Amazon and YouTube and Supercell and Supercell and CloudHQ and YouTube and Audible. And I mean, Audible's good, but what we're trying to get out of debt.

Come on. And Supercell. And TCG and Hulu and Supercell. A recurring payment for a Google thing again. Now there was your debt consolidation, which we're done with. And Google and coffee and coffee. Coffee and Curiosity Stream, which I love that platform. But again, we're trying to get out of debt, dude.

I just got squeaky. I just got squeaky. Before I couldn't hear myself getting squeaky until people started commenting it. And now I hear it. And I'm like, oh my goodness, you must be getting upset, Caleb. So I'm going to try to calm down. But you cannot be getting $200 to stitch fix when we're trying to get out of credit card debt. That doesn't make any sense.

You're right. That doesn't make any sense. That upsets me. That upsets me. And again, coffee and Google and Taco Bell and Venmoing out money and Amazon and TCG player. What's that? That pops up all the time as well. What's that?

It's a trading card game. Trading card game? Trading card game. Well, mobile? No, physical. Okay, it's a trading card. But it's not like gambling. No, it's not gambling.

Okay. Patreon, again, after we're out of debt and have a fully funded emergency phone. and Google Payments. Now here's another thing that concerns me. We're doing all this bullshit, of which, by the way, there's another half a page sale. All this bullshit.

Two good purchase sales so far. Two good purchases out of this entire thing. Two good ones. We got to a point where sending out money with Venmo, you were negative $9.61 in the checking account. And then you got to $2.39. So this is... Okay.

More Patreon and YouTube. stuff. And you must rent a lot of movies or something on there. I do. TcG player in Venmoing Not Money and Microsoft and PK Brand and Uber Pass I don't even know I still had that. Yeah, you still have that $10 a month. TcG

player again, some other payment through PayPal and Blizzard and there's a debt consolidation which of course we reversed and Capital One card payment. So the card payment and two gas were the only things

that were slightly productive. Everything else, how much was spent? How much came out of this again? What was that? What was that? $2,500. $2,500. Let's say $500 went into it.

That was good. $2,000 could have gone to paying off our shit that we owe, and that is holding us back in life. I need to know the mindset behind this. Why are we going and spending three purchases a day, almost pretty much, on crap we do not need? What is it? Really?

I am very impulsive with a lot of the purchases I make. It's kind of been a coping mechanism of mine for a while. I'm trying to dig myself out of it. Coping with what? Emotional dysregulation issues. Are you in therapy? I am in therapy. Good.

Taking advantage of that VA stuff, right? Good, very good. I love that. That's been one thing that I've been trying to get better at is getting my finances under control because I've never been good. Have you discussed with the therapist, the spending issue, the worries around money and stuff like that? Because I don't think they initially, I think, well, I don't know. I mean, I've been in therapy with a couple therapists.

I have never seen them go directly to the financial issue. Obviously, they're the professionals. They probably know how to navigate that and get there. But, yeah, that's why I asked that. So you brought it up then? I have brought it up. My therapist has several times just told me, I'm not, I can't give you financial advice, but here's what I would do. and I'm a very concrete type of person.

I need the breakdown and the numbers of it, so it'll make sense to me. And that's fine, but there's no point of that if we couldn't get to the emotional side of things. If you're going to be constantly impulsive. So continue working with them on that. And, I mean, that's going to be very important to this whole conversation.

I mean, that's 50% of this, essentially. I mean, you can't do one without the other. You get a little lecture coming from PayPal, but, yeah. Dr. Squatch, big purchase. Bass Pro Shop, big purchase, Inovet, Pet. Some of these are on, by the way, cards that we haven't gotten to.

In Cash App and Out, Austin Go, and Amazon, Google Flow Key and Stitch Fix, big purchases. Yeah. Flow key, that is, so that's a hobby of mine that I think is actually productive. I use that to learn piano, and I've been doing that for about four months now. Okay.

So, yeah. That is one that I'd like to keep, but everything else, can probably get rid of. So that's $128 a month? A year. A year? Yeah, that's a yearly subscription. I'll allow it.

So this thrifts savings plan, is this your... That's my retirement plan. Retirement plan through the employment? So I haven't been working at this camp for a year yet. They have a year waiting before you can open up your own. This is what I retained from the military. Oh, wow. And then once I can actually open it up at this camp, I'm going to roll it into that one.

What's the camp even going to be? I mean, you don't make money. They match 4%. Yeah, but the 4% is so small. It's something. It's going, so you'll essentially be getting 8%. Yeah, we're definitely going to want to talk about this retirement game here for a bit. But for right now, we have $9,102 in this past military account.

1,613 of which was contributed from the employee match. And it's the distribution. I can't see what they're in. They're in these funds. And okay, there's a retirement fund, a 25th retirement fund and the C fund. I don't know what the C fund is. But it's broken down between lifestyle and stocks. I have no idea what lifestyles.

I just dove back into it. It used to be just in the C fund, which is, basically it's a very diverse portfolio. It's on the S&P 500. Whenever they updated their website and their registry, they took 60% of what I had in the C-fund and put it back into stocks and bonds. So I pulled it back out actually last week and put it back in the just 100% stocks. Okay, okay. Now, you mentioned you had like $15,000 or somewhere else as well? Yes. I wasn't able to get a hold of that statement.

It's home with my family, and it's just paper statements right now. What is it? It's with a Wells Fargo hedge fund. I forget the name of the exact hedge fund. Did you put this money in? I went through, so my dad had some connections, and I'm working with a company out of Lubbock, Texas, that does financial management.

I got a big $42,000 check when I got out of the mill, military and I kept half of it to help me move down to Galveston and the other half I put into savings. Okay. Cool. Now, the debts. Because, I mean, there's nothing else. Yeah.

But I am glad you're at least sitting at about $24,000 in retirement, 26. You know, we want to be a little more, but that's still much better than we often see on the show. So I'm happy to see that. Plus, $5,000 for a starter. emergency. So, cool. Not cool. This. I'm going to go through

two months of this because it upsets me. Okay, so we start with $3,965 and $7.7 of credit card debt that you want to pay off, right? But then why in the world do we possibly possibly spend

$3,035.88 on it that we're trying to pay off because you paid off $300. clearly we're trying to make progress because that's more than the minimum monthly payment of $184. Why are we spending basically what the balance already is again on it?

Why? I put a vacation that I'm taking on there for it. Oh, dude! What is this vacation that you need that's more important than you better in your life? You're right. I don't really need it. What is it? I'm going

scuba diving with some old friends from the military in June. Be like, hey, military bros, I'm poorest. Let's do this in like a couple years. Still be in your 20s. Dude, killing me. $182 of available credit at the time of this statement.

$116.25 of interest was accrued. It's insane. You maxed out a credit card because you wanted to go to a little thing. You got some tequitos. You got some more tequitos. So from QT and then 7-Eleven. None of those are gas because they're way too cheap to be gas. And then you did get gas.

and that's fine. Okay. And then we're doing more YouTube stuff and some P.K. Brandtis and Chili's and entertainment mart. What's five points of market? Is that groceries? Yes, it is.

There's a little grocery store in Kerrville. I get gas from there a lot too. Oh, okay. So groceries is fine. Gas is fine. McDonald's is not fine. Card Kingdom, $570 Card Kingdom, what is that?

That's not your vacation. That's more cards. Dude, this card thing? Okay, we're going to have to curb this card thing down. I'm going to go over there and burn the entire deck. 7-11 Tequitos and Google Supercell again. We're doing that constantly, this supercell thing of stupidity. What is it?

It's a mobile game. No, dude, you spend so much. Why? On this card game and mobile game? Is it because you're in the middle of Bunk-U-Ware? There's nothing to do, or what is happening? Yeah, yeah. It's a good way to describe it.

Oh, dude, you can't be spending that on mobile crap. Oh, gems and stupid gems and tequitos and cards. Kill me. Double Dave's Pizza. Animal Draft House. YouTube, and then here's gems and more gems and more gems. And these are expensive little gems. you're doing and gems there's a fourth gem and then you're doing coffee again and then

gems and then coffee and then merit Leon for $57 and gems and guess what gems and gems and gems and gems and gems yep Olympus drive in code Florida okay there's the travel there's the travel more travel and then gems and gems. So no, guess what? Out of the $3,000 you put on there, maybe $1,000 went to the travel. The rest were cards and tequitos and bull-s and gems.

Yeah. Please, please talk to your therapist about that. If you're already in that conversation, but talk about this impulse spending. You're just clicking the fucking buttons and then going and getting some cards and going and getting some tequitos. We've got to stop.

We're spending so much money on nothing. It's nothing. And we're trying to get out of debt. Total interest charged year to date at this time was $421. If someone making $18,000, $19,000 a year on their salary, and we're losing almost $500 a month in interest. End me now, because that is terrible. At a 29% interest rate.

But guess what? I'm going to look at the next month's statement. Because I'm happy you put $700 towards it. But we're still putting money on it. We can't be putting money on a card that we're trying to pay off. That does not make sense. $346 we put towards it, dude, with interest charge of $169.50, bringing the balance at the time of the statement, which is what we're going to go off at,

okay, this is for the venture card, at $6,633.9 of death, death, with minimum monthly payment of deathly, $235 of death and stupidity. With the interest rate again, this is, what was it, 29%. And what are we doing on here? What's the super important money that we have to spend on here on a card that we can't pay off, that we're talking to credit card negotiators because we're in credit card debt again, mind you,

that's why I'm getting upset? Dr. Squash, what's this? Soap and deodorant. Is that really more cost-effective? than going to H-E-B. It lasts longer. I can't view it. I can't determine it.

Just I'm putting forward, please just be educated on that. Do that mathematically correct. And Garvin Storm Mountain and Supercelled gems and Bass Pro Store. Bass Pro Store and UPS store. Now we're at $600 of interest

lost within the first quarter in a few weeks first quarter and a few weeks of the year first four months in a few weeks actually we've got my months

a little mixed up but we've lost $600 on a $19,000 income $19,000 income again 19% interest rate Capital One oh that is the one

that is the one Yeah, there's the one Capital One balance sitting at $3,885 $1.11 with a minimum monthly payment of $152. I think that should be

unless there's another statement that should be $500 lower. I just put $500 more towards that card. Very good. Very good. Well, what makes me happy with this is you put $800 towards it and then you put another $500 towards it. So let me adjust that. And you did not

spend money on it. But we did lose $11313 of interest, $36. but again we did not spend money which makes me happy we've lost so far again four months in a few weeks $615 so now we're at $1,200 dollars $1,200 gone gone squeezed from our $19,000 of income gone

stolen from us because we decide we want to go get coutitos tequitos and buy gems and all the and get coffee every single second of our life. I'm going to shop because we can't brew it.

Is your car paid for? Yes, it is. That's awesome. What kind of card do you have? I have a 2004 F-150. Okay. How long will that last? I've had it for about a decade right now. So probably another six years. I hope so. How many miles on that thing?

I just hit $130,000. Keeping care of her? Always. Always. Good. So that's the whole plan. right now is if I can get the debt paid for in time for me to need a new vehicle. Yeah, we're kind of running on a clock there depending.

I'm glad you're giving good care of the vehicle, but... So right now you are losing in interest. You are losing in interest $283 a month right now. That's insanity, just from two cards, from two cards. I need to know he got into this dead in the first place, so we just don't repeat. Yeah. Whenever I first got out of the military, I only, I opened up that second card whenever I moved up into my own apartment and basically went through some severe mental health issues. Wow. Okay.

And I delivered all my food, all my groceries, made sure I didn't leave my apartment. for probably about a year. So, yeah, I lived on my own and just didn't really leave. I'm sorry to hear that. Yeah, it's all right, man. I'm a lot better than I, than I used to be. Well, I'm glad you started seeking help. That's the first step.

That's the most important. You started seeking help with your mental health. And how many years ago was this again? This was in 2000 and, this was 2021. When I got out, my accident was in, 2019. When did you start seeking mental health help? About 2002. So it's been about a year. I'm glad you do that for yourself. That's everything.

What are we without our brains? That is what we are. Or else we're just a sack of like water. So the mental health is certainly one aspect of this. And I'm again, very glad you started taking care of yourself. That's very good. When did you start thinking about the financial aspect of things? Well, so I've kind of been holding on to this debt for like two years now. And I was making the minimum payment. And it seemed like interest was almost engulfing the entire minimum payment. Oh, yeah.

And I was like, okay, well, now I've got to do something about this. So I paid a bunch into it whenever I was at school last year. Because whenever I was at school, I was making probably closer to 4,500 to 5.000. thousand dollars a month. Where were you going to school? I was going to Texas A&M down in Galveston. Oh. So I was going to school for maritime business administration. Going to? I wanted to go work for the port of Houston in some former fashion. Did you get your degree? No, I didn't. I got academically suspended last year because I, my grades weren't where they should have been. going, jumping straight back into school after getting out of the military was not the best decision for me.

School is free though, right? Yeah, school is free. I still have my entire VAGI bill. And I also have the Texas Hazelwood Act, which can pay for another 150 credit hours. So if you went back, how much more schooling would you have to do? To get my bachelors, I could get my bachelors in probably about a year. Okay. What took you out then to Rock Springs to do the camp thing from the school? So the camp thing was a summer job that I was doing and then I was suspended and if I'm not going to school, the VA will not pay me my living stipend that I was doing.

So I could no longer afford rent and I did not want to go back and live with my parents again. Yeah, and where are they based out of? They're out of Lubbock. Okay, okay. Not that I don't love my parents I'm just 25 years old. Yeah. Yeah, no, I got you.

So $387 of minimum monthly payments. Luckily, we have that. If we didn't have the disability coming in, dude, it would just, I wouldn't know how to be living. But you don't have rent as well. No, I don't. Which is very helpful. Is the plan to go back to school?

Currently, yes, the plan is to go back to school. How soon do you want to do that? Within the next few years, it is an option. The other option is to stay out there because eventually within the next few years, there'll be a director position opening up. Oh. And then I'll...

What does that pay? 20,000 hours a year? No, it pays around 30. 30 to 35. Dude. I love the giving back nature things, but that is not a director salary. You're right. It's not.

How much would you make in this maritime thing? Maritime, I could stand to make around six figures easily. It's around 100 to 120,000 after about a year. It is a few dollars more than 30,000. It is a lot more. The other thing I could do is I'm currently talking with the VA again to up my disability. I'm working with a third party. If I could, I did the math.

If I can get my last 30% on my disability, I'll be making six figures from, disability and the camp. So it was right at $99,900. Whoa. Because right now you're at $36,000 with both combined. Yeah. So the last 30% it almost doubles or triples the amount of money that disability pays. What does it take to get that? You have to be graded by the VA to basically say that, oh, you're either unfit for employment

or there's special circumstances. Do you think you're unfair for employment? I don't think I'm unfit for employment because obviously I'm holding a job down. It takes me immense amounts of mental focus and fortitude just to do a normal job right now. Do you think it would be good for you not to have a job? It would. You don't think you'd get back to that reclusive nature. Like instead, on the camp, you're going out every day.

You're interacting with people. So, well, that's the thing. I can get, so there's two different types. There's unemployed disability. I'm butchering this because I don't know the correct terms. That's fine. But it's like unemployed disability or disability where you can still have a job. And there's, I think, like, two or three grand a month difference between the two.

So if I could get the disability where I can still go out and have a job and then just still have a little bit more income to pay my debts off. and then I could start focusing on saving more. When do you think this might be determined? It could be anywhere between the next four to six months. Okay. Now, guess what? It's not to chop up with these credit cards. The fact that a month ago you put,

you doubled your balance and max out a card, you're not a credit card person. You know that, right? So it just doesn't make sense at this point. Cut them up, never use them. Maybe at some point we can get on a, gas card or you could use the FIS card. It's up to you. I mean, you're not a

I mean, you might be in college. So actually, the rewards that they offer actually might be good for you once you go back. But either way, well, I need you to be on a card that is well managed and well controlled versus these unlimited, just going crazies. So for now, we chop these off, we just don't spend them because our focus now is getting out of it.

The fact that you doubled your balance only a few weeks ago, that scares me going forward. We could put together a budget and a plan. But the fact that you did, that terrifies me. What's your car insurance on a monthly basis? Car insurance, I think it was like 90 a month. Okay.

Now, the rent's fully taken care of. So utilities and Internet and all that good stuff. Internet I pay you 60 a month for. This place is cheap. As in, they won't give you internet. Oh, yeah. Okay, and food is fully covered because we're not eating out anymore. I understand it's not good.

But temporarily. So we can just have a much better life. I think, I mean, you're in, like, other than making crap income from that place, the benefits you're also getting are incredible, like the free food and the free rent, free utilities. Come on. Phone bill? Phone bill is, I'd have to look at it. It was $60 for six months.

And now I think it, then it goes down to $30 a month. I did MintMobil's, like, special plan. I will say 30. 30. Yeah, it's 2.30. Okay. How much do you spend in gas in a month? I'd say probably around $150,000, $150,000. $150. Yeah. And then therapy and everything that's fully covered by VA.

Yes. Any other monthly payments you can think of that you have to do? YouTube premium. Other than that, no. How much is that? Like $10 a month. I think it's a little more, isn't it? Is it?

All right. That's what it was. started paying for it. I don't know what it is now. We'll say 15. And then what's that piano thing on a monthly basis? Is it 160? No, it was 160 a year. Oh, a year. So it was like 15 a month?

Yeah, we'll put it in as a monthly. Okay. Are you getting good at piano? Yeah, I am. That's cool. Yeah, it's been a blast. Very cool. Well, good news is you have a $1.00.00. Left over. Which is why I knew. I didn't really. I didn't really. realize how much I was putting away in

bull-de-expences. I knew I was doing a lot, but I'd never really sat down and put it together. Yeah. I'm going to give you $100 for a toilet paper and toothbrush and all that stuff. That brings you to $420. Okay, but that's your thing.

So that's awesome for the 2,935. Also, I bet they do not allow $420 on a Christian camp. You're right. They don't. That's the fun. I mean, I... Paradee presents Ojos with Alergy

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And then I'm putting 500 away into my savings. We're stopping that for now because you have $5,000. in there and we need to get rid of the insane interest that is being charged on us. The fact that we've lost $1,200 on your income this year so far, we're not even halfway

through the year yet. I mean, at that rate, we're like $3,000 will be gone within the full year of just interest. That's stuff you have to pay off again. Yeah. Okay. So, this cafeteria that you get food from, what are the hours? So it is, as long as we have at least 50 people on property, which we do most of the year, like I'd say eight months out of the year,

we can have breakfast, lunch, and dinner. And when they're not 50 people? Then we provide our own food. When's that? That's going to be in like November and December. Good news. We're going to be done before then because we have an incredible situation of $2,500 left on a monthly basis. Yeah.

$2,500 left on a monthly basis. Obviously, we get the Capital One out of the way, then we get the venture card out of the way. With the interest that's being accrued, let's say you're going to have to pay off. Let's be extra safe and just say $11,000 because of interest. Provide that by the $2,500. Four and a half months, dude. That's all it is. Okay.

I can do that. Years and years of you just putting this off and making little steps towards it and then spending more money on it and we're continuing in the hole and we're losing hundreds and hundreds and hundreds of dollars an interest on a monthly basis. 4.4 months in your life is completely changed. Not only there, I would add, because you have a cheap living situation, I would do an extra two months on top of that, so call it six and a half months,

$10,000 is a fully funded emergency fund. Boom, that's awesome. Then you can live 50, 30, 20. But you don't have to because your needs are basically nothing. What I would do is like 15, sorry, I just thought you're, Good man. 15% on needs. And then I'd give yourself 30% wants.

Go get that Chick-fil-A. Go get your daily coffees. Fine. That's fine. And then the rest should go towards starting to max out retirement funds and saving up for a car on the side. Okay. Yeah. That would work.

And then if you want, you can boost that emergency fund to like $20,000. So you have a little extra when you go to college again. And I mean, there's a lot of options here because you have. because of the disability and the crap salary combined equals something still not great, but you have no mandatory food costs, except for a few months out of the year, and you have no rent and utilities.

So this gives you a very unique opportunity that no one else has where you can get your money situated. We can have a car fund. We can have a crazy max-out retirement fund. We could have at least your Roth IRA is maxed out, and then try to put as much money. your 401k because again there's not a lot of income to work with so just do what you can but a car fund maybe you get your car fund to like 15,000 then you get a 15,000 hour car when this thing breaks up

yeah maybe save it up to 20,000 you get a 20,000 hour car fund I just don't want you with your income the ratios I don't want to save up too much for a car for sure because really there's no need to get more than like a 10,000 an hour car with this income but if you want to get an okay car because you're contributing a lot to retirement because you have a fully funded emergency fund and your needs are so minimal, fine. But the goal from there, figure out when you want to go to college, if you're actually wanting to do the thing that the degree is required to do, like if you're not actually going to do it, then why even get the degree?

That's kind of where I've been lately. So I went on the Wounded Warrior Project guys that I told you that come out to Camp Eagle, I got in touch with them, and they brought me out on an Odyssey with them. Actually, I contacted you right when I got back from that. and they kind of had us to lay out what our values in life were. And any decision that we make towards our end goal of our life needs to correspond with our values. And I know I need my finances in order, but I mean, I don't really care too much about having a huge number in my bank account. Oh, gotcha.

I want to be able to survive off of what I make. And retire at some point. And retire at some point. But I want to have a cool impact. on other people. And that's kind of where my values are. So I'm like, what degree can I get lines up with those values? And I will say this, too, even if you get the maritime degree, you're making six figures,

you can financially help people. You can donate to charities. You can donate to food banks. You can volunteer food banks. Just because we are giving up your daily service that you're doing right now at the camp, because we're going to be making much more money, doesn't mean you're not giving. You can give in different ways.

Right now you're giving all your time. But even for the places that give all their time, they still need funding. And you can be that person that helps with the funding and then give a portion of your time as well. There's always ways to give. It doesn't just have to be the way you're doing it now. So I'd focus on what do you want to do for a career. Fair. And then we can see where we can give.

You have a loving heart. I absolutely love it. Make sure we're loving ourselves as well. You already are. you're taking care of mental health, which is great. All that's required here is six and a half months in your life has changed. Six and a half months, especially compared to people on the show, is practically nothing. I can easily do that.

Do it, dude. I would celebrate with you and everyone would celebrate with you and it would be great. In fact, since it's six and a half months, six and a half months, you should be sitting right there, and I should see no credit card debt and a fully funded emergency fund. Okay. Will you do that for me? Will you do that for you? Let's do it.

All right. Any final thoughts? No. It's good. All right. Go kill it, man. Sweet. Thanks, Caleb. For Colton and his hammer financial score, when it comes to spending, I can't give him anything because he doubled his balance and max out his credit card. Come on. Zero out of ten. But when it comes to debt, not in a good position, but certainly not the worst you can get. Two out of ten. Retirement, actually quite happy there. Six out of ten. Emergency fund. Four out of ten. Also a really good start.

Real estate, there's nothing. Maybe we'll get to. someday zero out of ten for now colton hammer financial score 2.5 out of 10 if you want a free five dollars sign up for acorns using the link in the description below you put in five dollars you get a free five dollars and i get a free five dollars it's just like Oprah giving away money and it's a great way to start investing and don't forget to check out my instagram and twitter thanks