Spending Every Penny At The Bars | Financial Audit
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- Опубликовано: 18 сен 2024
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I found this channel about a year after putting my head down and fixing my finances. Paid off $26k of debt, brought the credit score from the low 500s to the mid 700s in that time, and positioned myself to triple my salary, which I did last month. I see these people on these shows and I see myself a year ago, and every year before that. If you're reading this and your finances are jacked up, you *can* fix it. I wish I had some guidance, and I probably could have done things more efficiently or effectively, but I got there. You *will* get there, y'all. Make a plan, stick to it. Prove to yourself that you can hack it. You'll be glad you did, and so will all the other people you help with these things in the future. That's the one thing I hope people who watch this channel will realize: you can be to someone else what Caleb is to us. You just gotta keep going.
Well done good sir. Keep it up!
That's insane, good job
Congratulations! 🎉🍾
How did you triple your salary? What industry?
Congratulations 🎉🎉🎉🎉🎊🎊🎊🎊🎊🎊
One thing I would love to see added to the intro each “guest” starts the show with: WHY are they on Financial Audit? What are they hoping for or aiming for? Some really don’t seem that interested in improving their situation. Others seem to know they are in the financial doghouse but don’t know how to get out. Adding the WHY (from their perspective) would be great.
Well is there participation money?
Agreed. I was left wondering at this guys initial denial and thought, how has he signed up if he thinks his finances are a 7.5?!
@@spa2damax He said at the start of the episode that he wanted to start investing. In his mind, he has 22k in a bank account doing nothing and he's ready to start investing. He just didn't see that 33k of car debt as bad and that he should start by paying this off.
I agree, good idea.
That is done on every one already. Pay attention.
I don't normally comment, but I have to thank Caleb for making these videos where he breaks down every living expense, taking everything into account, and not holding his tongue about silly expenditures. Watching his videos really made me wake up and realize that I'M the one messing up my own finances and it isn't entirely the economy. I now have a plan to get back on my feet, and i'm so excited for my future. Thank you Caleb.
😊😊pls follow
The economy certainly isn’t helping, but we def have the agency to dig ourselves out of these holes. 💪
@Spungle15 Yes, yes. The economy is making things difficult, but - extreme exceptions excluded, of course - our decisions are what makes financial freedom impossible. I worked in a bank for half a decade, and every single one of my "poor" clients could have turned their financial situations around if they had wanted.
exactly!!!
Thank you, Caleb & team! You put on a great show. I'm learning so much and introspecting on my own finances. Subscriber before 100k - I'm excited to see you hit a mil!!
675 days sober today. I spent over 12 years drinking every day, and every dollar I made away. I was over $25k in just credit card debt alone from bars. He needs to detox and then sober up. It will kill him. I was hospitalized for 5 days from liver failure when I was 32.
Congrats. What a blessing being sober it. Keep it up bro. You should be very proud of yourself for overcoming addiction and staying sober.
Yeah. I have about nine and a half months sober after moving back to my parents. I'm moving back on my own now and going to see where things go.
It took my wife only 8 years to be in total liver failure. And it wasn’t a very comfy death. She suffered for a couple years and spent some of that time in a jail.
Congrats on your sobriety! Proud of u!!
I'm glad you got better and are still here
It's sad how much society has normalized non-mortgage debt. Guy thought he was a 7.5/10 with over 30k in car debt.
They had enough money to buy one of the cars cash so I'm confused on why pay interest when you don't have to.
@@Amandy36 I all these videos show that people don’t understand what interest rates are. Same thing when people refuse to sell stock but are spending on a credit card with a balance that has a 30% interest rate.
@@henryhaceso true. A basic understanding of this math would help 90% of the people on this show completely turn around their finances.
Even mortgage debt ends up being a noose for 90% of people. They get foreclosed on
@@Amandy36 not saying it's his situation but it makes financial sense for me as my car note is at 2% and my house is at
Spending too much money on alcohol has NO excuse. I'm even more concerned that Afterpay is an option at breweries and bars. Caleb, you assisted my husband and I in resolving a bad debt of $105,000 in just 5 months. Our emergency fund is currently being built by saving. We now give every purchase a thought thoroughly. We have also started saving for retirement and would really appreciate it if you would do a video on how to manage big funds and retire comfortably with let's say over a 1 million bucks. THANK YOU!
You guys should consider financial planning, because It really isn’t about how much you save, it’s about how you manage your money. Whether you work to earn income or invest, it still boils down to income vs expenses, so yeah you should look into licensed investment brokers for a strategy that suits your timing in this time of wealth transfer.
@@scottjason2030 This is something my husband and I just talked about today, we have been stalling for a long time now. Don't really know which firm to work with; We feel they are all the same.
Goddamn scambots. As a real, actual person, I second OPs post. I'm in the same situation of "Fixed the bad, don't really know how to handle the good." A video as described would be super helpful/appreciated.
I don't think Caleb will do any investment advice. You can do a lot of research online to figure it out but it does take a lot of research. My short answer is if your employer offers a 401k you should max out the matching on that. Rule of thumb is you should be saving about 10% (but this includes company match). If your company doesn't offer anything, you can open separately. If all companies are the same then just pick one. I would prefer a bigger company just because I would have more trust they will exist in 20 years.
I personally do my company match, an emergency fund in high yield savings, then I use a roboadvisor for any long term investing. These roboadvisors mostly use ETFs so the risk is low. Sofi and Ally bank both offer a fee free one which you can gauge your risk level on.
Honestly if you feel uncomfortable, it is best to see a professional to at least start you off. It's cheaper to spend a couple hundred now when the investments will gain thousands over time.
@@FlarkusChunswen lol you are funny
Him: 7 and a half out of 10
Caleb: So you have $33,891 in debt
He thinks owning nice things and paying the bank for them is financial success
@@eugenechurch6135 Ah, yes. The classic American dream. Because after all, Americans are addicted to debt.
@@JoshHitti Yeah but it doesn't mean that should be the normal thing. He thinks it's not a significant amount of debt because 1) it's a car and 2) he expects it to be indestructible. Imagine that $300 invested instead? It's a 4x return in 20 years.
😂😂😂😂😂😂
His debt to asset ratio is great though tbh he is saving and investing which is much more than the typical American
$400 on groceries AND over $1000 going out to eat is insane
I'd be interested to know how much of those groceries just end up in the trash due to expiration.
That's what happens when you go to restaurants, bars, and breweries to drink. Drinking outside of the home is expensive.
IDK, I can easily spend $300/week on groceries plus other grocery-ish items. It's not that far off.
His girl Forsure big what u mean hahaa
@@amybrosey3322 how many people
Success depends on the actions or steps you take to achieve it. Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future.., I pray that anyone who reads this will be successful in life!!
The thought of retirement has given me the opportunity to sort out another source of earning
I was introduced to forex with the guidance of Mrs Creswell and there isn’t a single trade I have loosed
Trading with an expert is the best strategy for newbies and busy investors who have little or no time to monitor trade
Wow I'm just shock you mentioned and recommended Expert Mrs Shanita Creswell,| thought I'm the only trading with her
Wtf, y'all know Mrs Shanita Creswell too wow, she's really a good trader, she's my portfolio manager, her skills are top notch.didn't take her for the famous type.
Thank you Caleb for making these videos. I was in a horrible financial situation in mid 2021 due to racking up $16,000 in BS consumer credit card debt due to horrible life decisions. I'm 25 years old, and I now only have just over $2,000 left to pay in that debt. Granted, it wasn't your videos that helped since I discovered this channel only two weeks ago, but you have given me even more inspiration to improve my financial situation when it comes to investing and learning about an emergency fund, we all appreciate your content! Thank you!
Let’s go! ✊
I drink at home now instead of outside it’s a real money savor
damn you paid off nearly 14,000 grand in two years. Gotta teach me
Just declare bankruptcy.
@@falloutjustcause work work work oh yeah and more work
The consistency of these videos is something to be commended. I'm a person that is about to enter the full-time job world, and I've never been compelled to budget or keep track of my finances, but these videos have totally changed my outlook on the necessity of budgeting and not spending my money like it's nothing. Thanks for all you do, Caleb! Keep up the great work!
Same here, we work so hard to make the money then spend it so easily. Budgeting definitely changed my relationship with my money
agreed~! I didnt start watching these videos until a few weeks ago, and while i'm not in a financial hole and i have no debt except student loans that I can pay off the monthly amount no issue, just hearing Caleb list off useless spending has made me look more critically at my finances and see that he would just be disappointed in me that im not saving what i could be bc of just useless buying LOL i always had a "budget" but whether i kept to it or not was another story. these have been so helpful for me because i really am interested in retirement and i feel like im behind because of all the useless junk ive bought over the years lol
As you begin working, try to remember that your full-time job "active income" is the most difficult money you'll ever make. Save as much as possible and put that money to work. The best return on your money imo is to use your active income savings, combine it with your experience, and apply both to your own business. Move from employee to business owner to business investor that's how to become wealthy. I recommend starting your first business with $1,000 or less. Keep the first one simple. Don't quit your day job, but the business you start needs to begin with the plan of not being the operator of the business, eventually. If you start a business but you have to operate it or it will fail, then it's not really a business it's just a job that you created for yourself, and you should never do that. When you own a business that runs on its own, you will start to see money in an entirely different way.
As a former bartender in 2000s Austin, that guy *IS* the physical manifestation of problem drinker.
Someone should tell Corbin about alcohol making a person look older. He looks more like 36 than 26 to me
@@econdude3811facts I thought bro was older than me 😅
@@econdude3811wait he is 26????
@@CoveringFish , apparently, just double-checked, listed at the beginning.
@@econdude3811I thought he was in his 40s. That's even. A rough 30s. So bad for your skin.
This guy is by far the most financially responsible person I've seen on this show
☝️
Obviously the appeal of this $2k apartment was that it came without a kitchen.
Caleb you should consider bringing people that are not doing so bad. It would be nice to see people with 5-6 score to learn how to improve from there.
I've honestly pondered going on his show eventually. Paid off all my debt. Have no consumer debt at all. Have 2. Paid off vehicles. I own my own house and put 20% down payment And have some money in savings. Still a work in progress. Retirement is where he would get me as I have very little money in retirement.
@@malachiszarafinski541 same I would love to go but my husband is not comfortable sharing:( we're a bit worse off than you since we still have 1 year to go to pay off the second car and only put 3% down the house, 2.75% interest but the mortgage insurance does add up a bit.
@@brandeem7519 well he has rental properties and other investments, I'm sure he can go deeper into these subjects but to do so he needs someone that is already at a better position.
@@o0laieta0owell he is not licensed so he will most likely not get into that. Not worth the potential trouble.
I'd kind of like to go on to see if I'm doing okay. I THINK I am in terms of retirement savings, but I was raised with panic about money because my parents went through the Great Depression. I always feel really anxious about where I am financially, but should I be? I have no idea.
Hey Caleb! You helped me climb out of $15,000 of bad debt in 6mo. Now currently working on my emergency fund. I now really think about every purchase I make. I would love to see someone on who talk more about investing😊 ❤
congrats!!
I stopped drinking at the bars several years ago when the price of one beer at the bar started matching the price of a 6 pack at the store. I still go to the bar on very rare occasions with friends, but it's just too damned expensive to go regularly or even semi-regularly.
And then the price of a beer may go up at 9:00 pm.
I knew a guy who was straight up an alcoholic. Spent $30-50 every day going to the bar, even while unemployed. As you can figure out, you can't be minus 1000-1500 every month and have that work. His wife eventually left him. Did he stop? No.
BTW, Corbin, 26, looks like he's closer to 40.
Yaaaa it’s insane. My husband and I go about once a year. New year’s or something when his mom takes our daughter. It’s not really even fun anymore though. Not even 30 but we are the old people and I get a headache after half a drink 😂
@@lonesomebeetroot3376my wife and I quit drinking completely about 7 years ago. We were about to hit our 30s, and it just stopped being fun. Our marriage and finances have never been better
yeah but drinking at the bar is a way better experience and not as depressing. I go to the bar every single night and I have more money now than when I didn't.... What you're saying is like "Oh I'll never go to a concert because I can just listen to the song at home by myself"
I found your channel a couple weeks ago. I just paid off the remaining 46k of my 80k student loan that was at 6.125%, after realizing I have more than 6 moths of emergency fund. Your videos pushed me to realize that math always wins. Would love to tell you my story, but I know there are many others. Thank you! I am finally "bad" debt free thanks to you. It still hasn't fully hit me yet, but that's an $850 payment I've been making for 10 years I no longer have to make anymore.
That's inspiring with someone with a lot of student loan debt and just starting off. Thank you for sharing!
So you just had 46k of money sitting around for the last couple of weeks? I think you live in a different world than those that come on this channel.
CONGRATULATIONS! Welcome back to a normal life.
I appreciate how Caleb acknowledges the struggles of mental health and encourages people to get therapy. I’ve been doing a lot of therapy to get to the root of my impulse spending issues which is really common with ADHD. It’s been helping me get to the root of the desires to spend excessively and reframe my perspective behind purchases. When I spend impulsively I am not making a value based decision and that I’m turn makes me feel guilt and shame. Now that I can recognize that I can make actionable plans to stop. Making coffee at home today instead of getting a coffee out felt incredible.
Keep up the hard, but worth it, work! You are the only one who can change your life for the better! We are rooting for you love! ❤
I'm a simple soul. I see Caleb upload, and I click and watch. Thanks for curbing my stupid spending!
You’re the best!
🫡
add "I look at my spending" to the end lol
@@CalebHammerbro pls stop shilling sponsors every second
@@Joshua-cs6gjIt's literally free financial education, improving our financial literacy. Listening to a few ads is a small price to pay and the norm for successful podcasts and longer format youtube shows.
Improving financial literacy is a value proposition not even the school system fulfills. America is going through a consumer debt crisis.
Let the man make his money so he can get his dream car and maybe even return to composing music. 🤷♀️
I didn't expect this comment to gather likes, and Caleb you're awesome. No joke, I was addicted to buying clothes and makeup because of the stress I experience at my office job, and this content helped me examine and resolve it. It also opened my mind to getting a second job (packing orders), while my partner is unable to work, something my snobby parents shamed me for (because I have a "nice" office job) - but guess what, just doing that is allowing me to fix my gap in pension savings.
Would love to see more episodes featuring parents with kids & those expenses
Same! I've only seen one so far! And I super related! 😂
Tell ‘em to sign up!
@@sent18inel the 'impending divorce' one. SPOILER.... There was no impending divorce. 😂
@basedphilosophymom-emmelia1246 agreed. I have 2 kids and daycare alone is like a 2nd mortgage. It really changes the game with childcare expenses, 529 plans etc
I’d like to see more singles in their 30s (like me!) 😊
Thank you Caleb for everything! I've gotten rid of a few addictions recently for health and financial reasons but eating out is surprisingly the hardest! Ive actually slowly been going to the grocery store to grab a meal instead though because i hear you in my head yelling at me! I hope you realize how many lives youve changed. Keep it up dude i love you ❤
Find easy snacks you like but are good for you. Like I love cucumbers, I love hummus.
congrats dude! keep it up.
if you havent already looked into it, but meal prep. i just recently started doing it bc i also hear Caleb yelling at me about me spending too much on food that i can easily make at home!
Nice video. Based on what you went over in the video, just some additional background:
(1) "Capitol grill" is the cafeteria at the Capitol where many state employees eat, so the TL;DR of those entries is "eating out at lunch rather than bringing your own lunch to work"
(2) ERS (employees' retirement system of Texas) is a bit convoluted because it works differently depending on your start date, but in general, you have to work for at least 10 years, and then you can qualify for pension payments either at 65 or when you meet the Rule of 80 (age + years of state service). The pension equals a percentage of the average of your X-years of highest salary. Under most of the ERS groups, you also get health insurance included as part of your pension if you hit 10 years of state service, so it can be a nice retirement benefit. Problem is, if you don't hit the vesting requirements for the pension, the money in the ERS account only gains 2% of interest each year. So since he's at year 4, He's getting close to the point where he needs to decide if he wants to stay for at least six more years to qualify for the pension. If so, he will want to maximize his salary for as many of those years as possible to raise his average highest salary (based on the info in the video, sounds like he's in Group 3 and it will be the average of fives years of salary).
Was wondering how he spent $3 at the capitol grill haha
He seems like a nice guy, and I think he can turn things around a lot easier than a lot of the people audited. Couple mindset and spending changes and they’ll be good to go
You made me realize how mental health can really play a part in financial health. I took a really long time to get medication to help me out because it wasn’t a priority to me, and I’m a different person financially when I’m on it
Go you! ❤
Your a different person emotionally too get off all medication/DRUGS
Love how Caleb always has his boba on screen so it can be fact-checked as business expenses 👏🏽 Working smarter
I love your icon lol
@@rikiiricardog aw thanks 😊
I love both of you
@@MK-nl6po I love you too buddy
I almost thought this was a wholesome interaction until I looked at your icon
He is 26 going on 40.
That's a rough 26, don't drink kids
Don’t drink kids or eat kids.
Yea i kinda understand with 1900 to only rent and then you have to pay for cars to go to your work, there is not alot over to have have with
It's nice to see that not all episodes are raging dumpster fires! Good job my dude
I've been drinking since I was 14. It took me til I was 26 to accept I was an alcoholic because I'm not a drink every day alcoholic I'm a drink at any minor inconvenience or emotional distress alcoholic. Being dependant on alcohol is no joke. It drains your bank account like nothing else
I can't imagine being an alcoholic and deciding that a bar is the best way to get your fix. For me, it was all about mixing cheap vodka handles with some lemonade into water bottles to carry around, those fireball nips to cover up my breath when at work, or going to 7-11 and buying 30 racks of Milwaukee's Best Ice for
@@AsdfAsdf-uo1rj Yep for me it's cheap shitty cider. £2.35 for 4 cans of 4.5%. I used to drink cheap vodka and mixers but I can't control myself with vodka, I end up chugging half the bottle then crying on the floor because I can't hide how depressed I am anymore. With cider it just takes the edge off and I get full far before I can get obliterated
Wow you’ve been underage drinking since 14 nuts bro
At first I was like alright finally an older guy and than he said hes 26 lol
Lmao
The booze lol
Yeah alcohol abuse and bad genetics
Fetal alcohol Syndrome hit harder than his debt
Alcohol will age you. But he looks more like early 30s
Telephone bill. Telephone bill. Telephone bill. Telephone bill. Telephone bill. Telephone bill. Telephone bill.
Why do you consistently leave this bill out of people's budgets. That's desk slam worthy! You're NOT leaving it out anymore. NO more of that for you! From now on, you're including phone bills in budgets, because people need their phones!
I guess he ain’t getting the Mint Mobile checks anymore. He would always bring up the phone bill
Another Monday, another Financial Audit! Let’s go!
Oh yeah this episode hits home. I was an alcoholic too! Celebrating 2 years sober this upcoming thanksgiving and Ill never have a drink in my life ever again! It was hard at first.
I’m actually going to do a video on how I was able to completely quit drinking this week or next week! I been meaning to do one just wanted to get some serious sobriety days under my belt first.
Once again thank you Caleb for showing us people from all different situations of life! 🙏🏻💯🔥
The 42yr old crazy guy who his parents pay his rent looks younger than this 26yr old guy. Point is, don't drink and have your parents pay your rent to look young.
To be fair, having people pay for your things does in fact keep you young lol. Can't age from stress if you don't have a job to stress at 😂
Caleb, please consider adding a tabulation of the savings/investment accounts in addition to the debt. This would help the viewers really SEE what the audited has going on.
Sitting here bored working and I’m like wait!! It’s hammer time!!!
Wooo!
Hey guys, how are you doing with your investments? I know the market has been crazy lately.
@caseymuller3480 That's too bad. I'm doing okay, but I'm not very confident about my portfolio. I feel like I need some little professional advice.
@@joehopkins9749 You know what, guys? I have something to share with you. I recently started working with *Robin Brezik* and it has been a game-changer for me.
@@malcolmdoyle5385 Really? What do they do?
@@abircocci8157 They offer investment advice and help me with my investment goals, building my portfolio and also retirement planning. They are very professional and knowledgeable, and they tailor their services to my needs and preferences.
@caseymuller3480 well, easy i found them online.
I stopped drinking entirely six years ago. Best thing I ever did for my health. Good for my pocket book too.
I've never heard someone who regretted sobriety. Good for you; keep it up!
This couple needs to go to Alcoholics Annonymous
I also stopped drinking, does nothing to enjoy life. Makes me feel sick, immediately boosts my blood pressure to 140/90 with just one - two beers. Then the next day I am just hung over and tired.
@@alephnaught8343 thanks, so far it’s been all upsides.
I'm almost 2 years sober myself
I came across this channel on RUclips Shorts a couple of weeks ago. It’s really opened my eyes to my spending habits. I now realise that £2 here, £5 there, £20 here, £10 here ets is killing me. Me and partner should have be very comfortable on our wage but after savings, groceries, rent and all the rest of it I was constantly checking my balance so i’m not overdrafting. We don’t even have any massive debts to speak of. I like how you explain what percentage you should be paying for certain things too. Makes the transition from USD to GBP a lot easier.
Anyway, thank you for opening my eyes. Much appreciated!
I want to add a little note for Caleb. I think it's really valuable to make a habit of saying what you think good interest rates are for different things. When talking about the car loan you explained his rate and what you would consider a good rate and why you thought that rate. I have been wondering for a bit now what your opinion was on car rates but most videos you just say the rate that person has was high. I think if you made a habit of saying those rates in all videos for things like car, home, private, or student loans it would help reiterate to people what good vs bad rates look like!
Lol thats a rough 26. Drink moderately everyone!
I’ll never understand people who have cc debt when they have savings. Just pay it off and pay as you spend. We’ve really curbed our spending since I’ve been listening to you. Thank you so much! We managed to save a full 6 month emergency fund and now saving for a down payment. It’s a lot of hard work but it’s so worth it in the end.
Addiction is tough. I was addicted to many things, including alcohol and heroin. Heroin was the toughest for me personally to get off, but you can actually die if you're bad enough drinking and you can even die if you stop too fast without help. You NEED help if you're an alcoholic because you will not beat that on your own more than likely. The odds are very against you making it cold turkey on your own.
Dude looks at least 35. Drinking tends to do that to you.
100% this
I'm old and drink as m I ch as this guy but I look younger.
I knew a couple where she was 10 years older than him but you would never know by looking at them. He was an addict in his younger years and cleaned himself up by the time he met her.
You said that, I did not...that's your interpretation of what i said.
He looks older than 26 though
Could just be genetics tho. My friend is 23 and could almost pass as a 40 year old 😂
New animations are great, thanks for this add on and the Hammer score!
I really appreciate your content. Not a lot of people my age (mid 20's) talk about financial freedom, and I only really have my mom to lean on in terms of advice. Over the past couple of years, I've been slowly lowering my debt but recently got comfortable and became more laid back with my spending habits. I came across your channel 2 weeks ago, and since then, I've finally bit the bullet and paid off my pesky credit card that I've had for 3 years! Thanks for lighting the fire!
I love this channel. My wife & I are taking control of our finances as a result of your videos Caleb. Keep up the great work. You're the man!
Thank you Caleb for all that you do in these videos! Feeding off the energy of your rage mode at stupid spending and loads of debt helped me to take the leap and do a total audit on me and my spouses finances. We've got a lot of work to do is putting it lightly. As of now we have roughly $294,500 worth of debt with the majority of it wrapped up in our home. The break down is $221,000 for our home, $49,000 for solar panels, $6,000 for a water treatment system, $3,500 for a door installation and repair. Then we have $6k on 1 credit card and I have $3k in student loans. We first cut a bunch of unnecessary spending that was bleeding us. Our plan is to focus on the student loans, the CC, door and water system and knock those out over the next 2 - 3 years using the snowball method. We'll also apply our tax refunds each year to expedite that. We are building an emergency fund in the background as well. We'll be starting small investments as well in the next year or two. Then just focus on the panels and home while nixing any new consumer debt. Thanks for inspiring the fire to take it all on and improve our fiscal responsibility!!
Best of luck! Just keep at it. It's slow going but you'll get there in the end and be much happier.
@@philipsmashmouth8782 What motivated you to write that?
@@500dollarjapanesetoaster8 Thank you for the motivation! I totally agree :D
I like how Caleb gets boba before every show to flex on his brokie guests. Good stuff!
😂
😅😂
I'm not seeing any tapioca in there
I will never take financial advice from someone drinking Boba.....
As someone who just graduated college and is about to start a career within the next few years, these videos are amazing. I feel so much more prepared for my future!
I have learned a lot from these episodes! Love what you do Caleb. Now that we have been seeing how we shouldn’t manage our finances.Would love to see episodes with people who are on top of their finances and can actually help us see how we should manage our money.
'How is it in austin with 55k?' - 'its hard'
Goes to bars and restaurants everyday.. what is hard about that life?:D
This is genuinely so upsetting.
Love the consistency on the uploads. Look forward to these while working
Thanks a lot for this channel, it's great for everyone involved. I used to be much stricter about my finances in the early 20s and eventually reached a point where I knew the money saved aside would always go up unless I went out of my way. That made me lose the habit of actively looking at my finances besides the credit card balance. I'm on a mortgage debt atm and watching these videos reminded me I could actually cut a good amount of interest paid on my mortgage if I kept looking at my stuff more regularly and being a bit more frugal. I'm still loose with budgetting, so it's hard to say the exact progress I'll have, but saving 5 years on the mortgage sounds super realistic.
Thanks a lot, I forgot that feeling
Hi Caleb, just to speak on the pension. I am a tx state employee as well(comptroller). The pension is mandatory 9% it is probably part defined benefit and contribution plan. The state also does a match of 9% and depending on his company (for me comptroller) they do an additional .5% on top. We are not able to select the investments the contributions go into. We best after 10 years. All of this is probably similar for him
Since discovering this channel, Ive been able to work together with my wife and we have already paid off almost four credit cards using the snowball method. Prior to this we were just paying the mininum and never getting ahold of our debt. Im so glad you continuously upload throughout the week because I use your videos to keep me motivated. Im not gonna lie, it has been tough not spending money. The good thing is when we do spend money we no longer are having to put things on credit. Yeah it hurts in the short term but it feels so much better not accruing more debt when its all said and done.
@@philipsmashmouth8782wtf
A year ago i was spending $1000+ a month on high end craft beer. And drinking most of it. So happy that ive made the decision to focus on cycling and quit drinking. Alcohol is such a waste of money and life.
Very nice guy, I love listening to these while I’m working on my monthly budget/snowball debt plan. Love that while his spending habits are awful, he is in a place where he has so much in savings that he can knock off so much of that bad debt off
Another Monday, but THIS is the highlight of the day. Caleb's consistency is goat'd!!!
But you made it seem like Mondays are lame which means the bar is set pretty low for what constitutes a highlight on a Monday. So your comment technically reads as if Caleb’s show isn’t that special.
Any comment is a reason to be difficult, huh? 🤦♀️😂
Assuming both jobs are stable. I would go halfway on car 1. Reduce the emergency fund to about 6K, enough for about 2 months of expenses. Hammer the principal down as much as possible, then pay it off ASAP. The money is doing less in the savings account than it is if they put it towards the loan. It will mean cooling their heels for a number of months at home while they recover, but the debt is eliminated, and they can move on to other stuff.
The new video thumbnails did not go unnoticed, caleb! Love to see you always elevating and improving your content!
Alchoholism is so casual in our culture today. Treat your body well, work out, eat right, do your research, acheive shit in life and shit and u won’t wanna drink everyday. U just wont
The eating-out-game is so easy to get trapped in, at any income level.
As soon as you allow yourself the convenience, it just gets easier and easier.
I think very similar to Caleb and have many family and friends that are terrible with money. I'm an introvert and am terrible at getting my points across. Pointing them to caleb's videos has been my way of getting out my thoughts that I have screaming inside. thanks for speaking the truth!
Getting less than a 5 percent rate on a vehicle nowadays is impossible unless you get a manufacture incentive offering a subvented rate. That said, he did say it was a year ago when you might be able to get rates below that.
True. The only way you're getting a sub 5 interest rate is with very good/excellent credit.
Shows even more that you shouldnt loan a car. If you cant safe up for it its too expensive for you.
@ThePatriots010304 Even with the best credit possible with no manufacturer incentive 5 percent is the best you can get. Not going to get below that.
I have high income and amazing credit and the best I could do this last year on 2 cars was 5%. I used to qualify for 0%-2% before covid.
In what world is 30k in debt not significant?? that should not be normalized
not saying this makes it right or wrong, however there is a massive difference between 30k in debt when you make 30k and when you make 90k.
@@j.asmrgaming1228exactly - I’m surprised Caleb doesn’t ever talk about Debt-to-Income ratios (DTI) or debt-to-credit limits.
@@j.asmrgaming1228 Sure, but as someone who makes their combined income, I couldn't justify financing a 16k car, especially when you literally have the money to buy it up front. Being able to "afford debt" doesn't mean you should have it, it's poor practice to think that way
3% on a car loan doesn’t exist. We just bought a car under 25k financed with 817 score and got 6.25% then took the paperwork to our own bank and were only offered 5.99%. Rates are shit out there.
And heres me packing my lunch instead of spending $20 in the work cafeteria tomorrow- because i have "pack a sandwhich" in my head. I have to say- it does add up. Ive been doing it for a few months, but last month was literally like - where did i get all this leftover money? 😂
And you could afford to skip a few meals
I remember at 18 I had just moved to Italy for work, was making about $1500-1600 a month, didn't have too many bills, maybe totaling $900 a month, but I remember every time I got paid the first thing I would do was ration out my money for drinking. And not like in a good way, id set aside hundreds of dollars for drinking and would go through all of it and normally more than what I set aside every paycheck. Didn't save anything, didn't invest anything, missed out on trips and other stuff. Was not a good time, I'm thankful that I had this happen when so young and that I was able to learn from it and realize how bad things were and grow up a lot because of it. But that's the key to any bad situation you get in though, getting out and learning so it doesn't happen again.
I'd pay off both the cars, personally. You don't see it often, but I've never understood financing a car when you can pay for it outright.
Iuno, buying car in full cash is harder and harder at the dealership if you want either new or certified pre-owned... I almost walked out of the finance office 3 years ago after they were about to piss me off and that's after waiting 4 months for the car to be delivered. I can tempted to just finance $1 and let them over charge me for paperwork fee to not put up with all the bullshit attitude and other shit they tried to sell cause they found out I wasn't gonna give them anything outside of the negotiated price.
@@swallow1106 Last car dealership experience I had, I wish I had a recording of. I gave them a very hard time 😆
Cool to see this guy taking a break from traveling to Mordor with his precious to come ask for financial advise
Caleb, it's fucking disheartening realizing I've made so many mistakes and now that I'm finally taking action it seems so hard specially when dealing with health issues, I hope I can make it.
we believe in you
@@realtissaye Thank you. Just had surgery last Monday, my finances are unstable but I'll get through this somehow.
@@guayo18 as a random stranger on the internet, I wish you the best of luck! keep going!
Never clicked on something so fast, I have been loving the content man!
13:15 I can't stop staring at the fan reflected in the YT Play Button
Gotta point out, Scissors & Scotch, even though it is a barber shop they also include drinks with every service.
Caleb really doing the lord’s work out here
Amen! Saint Caleb saves our financial futures! Bless him!
No matter what KEEP FULL COVERAGE on BOTH vehicles, please!! If not and someone hit them and took off or wasn’t insured they would/could get NOTHING.
I would love for you to get a Lottery winner on your show. I want to see how they’ve done with their winnings.
...don't remember exactly who but pretty sure there has been...not a large win but still a lottery winner...
He at one point talked about how he maxes out his budget every month and isn't able to put a lot in savings. My strategy is I have a certain percentage of money direct deposited from my savings into a high yield savings account that I don't touch. Then when I create my budget for the month, I don't even include that amount that goes to savings in my budget. I budget off of my take home income after everything including, retirement, health insurance, savings and my FSA has been taken out. It means I don't take home as much as I would like, but I know that money has gone directly towards those things and I don't have to worry about them.
How do you set-up direct deposit into a High Yield Savings Account?
@@TheSUPERHAPPY1I can do this at least with Sofi, but I believe with other banks too; you just need to set up your routing and account number in your company payroll account. Mine uses Paychex, so I log into there and put in my bank account info, then boom, all set for a direct deposit into whatever account that you want.
@@TheSUPERHAPPY1 It'll depend on your employer, but for me I just had to fill out a direct deposit form. I'm sure if you ask your employer about it they will let you fill out a new one. It allowed me to have multiple accounts that money can be direct deposited into and let me set a fixed or percentage amount to be direct deposited into each account. So I have a percentage that goes directly to my high-yield savings account and then the rest goes to my checking.
Love to see this one-year update on this one, and not a list of things that'll never happen!
Caleb I don't think people can get 3% car loans anymore, rates that low are pretty much gone and buried for a decade at least.
I got a 3.55% a year ago.
At least he's not telling them to get a $1k car like Ramsey does. Ramsey wants people to roll around on tires 😂😂😂😂
@@spiritualbooty well its not a year ago anymore
@Jensen-Custis no shit....but the original commenter said 3% was buried for a decade...clearly not if I got it a year ago lol
Because of Caleb, my fiancé and I have a clear plan of saving for a house and cash flowing our wedding later this year🎉
congrats, I hope you have a wonderful wedding :)
@@LostRamsthank you!!
Planning for both as well!! Such a freeing feeling!
Congrats. Am trying to show my siblings how easy it is to save. Just $50 a week set aside for a year for example you will be surprised how much that adds up.
@@philipsmashmouth8782Imagine being that jealous
I’m officially addicted to your channel. I never comment on these, but I had to. Ever since I started watching your videos, if I go to spend money, I now think to myself, what would Caleb say about this purchase 😂 I’m working on my own financial situation now and you give me more motivation than any one else. Thank you for this! I wish I had the guts to go on your show, but I absolutely do not want to get yelled at, even if I know you have the best of intentions. Lmao
Keep up the great work! Your future self is rooting for you, love! ❤❤
He'd probably say "stop buying bullshit!" and then you have to decide if it's bullshit 😂
My boi look like Sid from ice age
I was wondering if it was just me thinking this LMAO
Caleb you should really look into wealthfront. They have a 4.55% interest rate and some really cool features to streamline your finances. Just something to look into that I’ve started using a lot and really like.
I looked at a lot of options a few years ago and I chose Wealthfront over SoFi. I have no regrets.
If you can't afford the payments on a vehicle with a 36 month loan, you can't afford the car. If you need a 72 month loan to bring your monthly payments down then look for a cheaper vehicle. Period. Unless it'd a necessity, which it rarely is
It’s really hard to tell whether this guy is going to make any of the changes necessary… he strikes me as someone that really wants to “keep up with the Joneses”… new-ish car (2022), fancy restaurants/bars, wanting to buy a house ASAP. As another one of my favorite financial RUclipsrs says - “Wanting to be 40 before you’re 40”.
Wish them luck though - if they’re reading this, know that “lifestyle creep” can ruin you! Live like a broke 20-something a bit longer and enjoy the luxurious life later on!
I get that vibe, too. I hope they follow Caleb's advice, but he strikes me as someone who will buy a too large house in the suburbs, furnish it on credit, then have to go deeper into debt for kid stuff like vacations and sports to keep keeping up.
Impossible to tell without seeing his partner at the same time. Their dynamic is the key to following through on any of this stuff
@@Aki_Lesbrinco yes I think buying a car that’s only a year old is keeping up with the Joneses, if you already have debt and/or are trying to buy a house. There are countless options of used cars that would do just fine until he was more financially stable, i.e. years 2016-2020. My 2016 Mazda still works smoother than butter and is fully paid off. I’m not planning to buy another car until I can buy it in cash.
No predators sneaking up on this guy
🤣🤣🤣🤣
Hey Caleb!! Excited to watch ❤
Fancy seeing you here 😉
@@KingCzar29 hey there. I love watching Calab's videos!
Great channel and content! You are helping everyone who watches.
One point worth considering in this episode - The guest has ~20K in high interest savings at 4%, the real interest rate delta on early payoff of the cars becomes around 3%. Personally I would not pre pay the 7-8% car debt and lose out on the optionality of having that cash. I think 6 months ago when cash was paying 0% your advice would be spot on.
He needs to make sure and tell the auto loan company that the extra payment every month goes to principal only. Otherwise, they might apply it to future months as that benefits them, and not their customers.
I’ve been debt free and financially independent for years but after watching this I’ve had 5 credit cards go to collections!! My credit score is at an all time low and I just signed a loan at 65% interest on a car! Thank you Caleb none of this would’ve been possible without you! I’m finally on my way to die on the floor of Walmart and I’m only 23!
Me watching people open Pokémon cards then buying Pokémon cards followed by me watching Caleb and instantly feeling guilty about buying pokemon cards.
Austin. When people talk about Austin "culture", they mean drinking. That's the culture.
aayyyooo so happy to see a good Toyota owner here 🤘🏻🤙🏻. solid vehicle choices ,interest rates not aweful IMO, especially in this csr market, 5% is like honestly (sadly) very fair 😅
Stop the spending on eating and drinking out. No more than $100 a week. Stop the INSANITY!
$100 a week is still horrible tf? 😂
i want to reach out and say thank you for all you do even if it is a business and makes you money. The insight to other’s finances and struggles helps us see are selfs in their shoes and we learn off others mistakes and trials and tribulations. The more we’re able to learn from others the more it helps! keep up the videos you help keep me motivated to pay off stupid debt!
Don't know why I clicked this video but holy hell I found the most anxiety causing content and I can't turn away. Lord knows my books are shot. This is reality check I needed.