Caleb, thank you sincerely for these videos and all you do. You are truly making differences in people's lives. The dying on the Walmart floor thing really gets to me. I'm only 28 but taking steps now will prevent that from happening. Thanks to you, a couple others, being sober, and some maturity I am!
I'd love to see you financially audit someone who's really put together and literate on finances so we can see the contrast between bad credit users and proper credit users.
Yeah building credit is keeping your utilization below 30% and paying them on time and in full every statement. 100% utilization is dogshit that's why they have Credit One cards lol, worst lender EVER
They have enough in savings to wipe out all 8 of those cards. The revolving credit lines done really help your credit score as much as the installment payment boost he will get for making on time payments on that mortgage. I feel like they have been pretty late with car payments pretty consistently, that’s why their credit is in the toilet.
I feel like married couples BOTH need to be in the room getting audited at the same time. She needs to have a coming to Jesus meeting too because it won’t work with just him. The amount of money they make is AMAZING and if they get this figured out, they are solid. I’m rooting for you both.
Yes! This can't be solved without her cooperation. For all we know they fight about going out to eat and one of them reluctantly goes. Or for other spending issues. We have no idea if one of them or both of them are the spenders here. And no sense of how their relationship around money works.
27 years old. I just paid off all my credit cards. I now have $1300 extra a month to use for savings and creating my emergency fund. Plus my Credit score is finally in the 730s! Watching Caleb has really helped me out, keeping me accountable and honestly scaring me straight 😂😂 THANKS!
19 years old, bouta hit 700 credit score and got like 400 debt that I bounce around and pay off way too early to build credit, ppl say the internet is a curse but things like this probably saved me in the long run😂
Congratulations brutha !!! I used to flex on the gram whenever I got money.. those were bank loans and all my by-weekly paychecks . I can't even afford insurance these days, Not worth debt stress on your back fr fr 😂
Yes but unfortunately the entire modern industrial world has so much power they want you to go into debt and make minimum payments the rest of your life. They don’t like customers that borrow money for free.
I have the utmost respect for those who recognize the situation they're in and take action to come on this show. Caleb and his interviewee's are quite literally changing lives.
@@XblMunchie Yeah. And second hand shame. I was speechless during that episode because I could easily have ended up like that myself if not for some painful decisions I had to make.
How can you not love America where a quarter of these people find themselves in similar credit card debt due to non existing public healthcare systems.
What I really appreciate about Caleb is that he is legitimately angry at the debt, that geniunely riles him up, and that riles me up about my own debt issues. So, thank you for that example.
My parents were in an awful debt situation when were babies. They followed the Dave Ramsay route and made a 180 degree turnaround and are now very wealthy. This guy can pull it together.
His wife should have been through this with him. She is also irresponsible, and needs to hear the Tough Love! They truly need a budget and to stick to it. My blood pressure/ heart rate was up just watching. Good luck to them!
Usually this form of spending means something else is going on with this couple . Over spending is a form of avoidance to other emotional things. This guy is intelligent . He knows what being done and how it's affecting their financial stability . It's like a hoarder . They know they live in a messy house but it's so bad they avoid it's even there .
I was about to pay the minimum on my credit card this month. I could imagine you yelling at me. I made a large payment instead. Then I figured out a plan to pay it off finally. I discovered that with following the budget I came up with, I can get it paid off and be debt free by the end of the year. Thank you for helping me finally confront my debt.
This channel has really helped me realize that all the people that I know that spend money like water on going out to eat and travel are actually probably just going into deeper and deeper credit card debt. Thank you Caleb for your channel!
@@quixomega Bro, you would be surprised how much debt doctors and lawyers have. If you make 300k and you have payments on a 200k car and 2 million dollar house, you’d still be broke.
I learned a long time ago that you can't tell how much a person has based on how much they spend. In fact the opposite is likely true. The person on your street with the oldest cars is likely the wealthiest.
@@quixomega I know a lot of doctors and lawyers who spend more than they earn. They have to keep up with the Joneses and their Joneses spend a lot more than yours.
I don't have children, but one of the best gifts that a dad can give to his kids is practicing responsible money management. Thank you Caleb for helping his man, and I'm sure his child would express the same gratitude. Hoping Johnny's attitude changes and follows this advice because his situation is an epic disaster.
Been watching you daily when I can. I'm 29, almost 30. I'm roughly 20k in debt, 8k car, 9k student, and the rest misc credit card/payments. I'm starting to show discipline when paying payments off. I now pay 20% over my car payment monthly. I also have been throwing lump sums on my credit cards. I'm seeing improvement. Thank you Caleb.
Progress, not perfection man. Just keep being responsible and chipping away at it. You’ll get there. One thing I will say that I very much don’t always agree with on some of these things is acting like financing a car is the devil. Just really depends on your needs as a person, and yes most of the guests never should have at all lol. That being said. I’ve watched many of the Dave Ramsey type ppl I know pour hundreds after hundreds or thousands into their piece of shit “paid off” car that it’s almost comical lol. If you gonna buy a newer car, establishing great credit and buying smart is how it’s done.
Good job on making progress towards fixing your situation, but I need to ask. Wouldn't it be better to pay your credit card in full before overpaying your car payments? Or is the interest on your car so high that it doesn't make much of a difference?
I paid down $6,000..now that I can afford my minimum payments + $250 extra..I stopped paying extra on credit cards to accumulate cash..I'm so worried about the deflation of the US dollar.. I still live life like the most frugal person you have ever met..I follow "Under the Median".. not Dave Ramsey because his plan is not flexible enough.. it's not because I need behavior-modification it's because of a death in the family
I recently started watching your videos and it's amazing to me how many people use a credit card as a loan. I was trained to always pay it off in full monthly, which means having the mentality that when you buy something with it, the full amout will come out of your checking account. Ive always wondered how credit card companies make money since I thought everyone did this, until I started watching these videos.
Anyone else got so used to getting a Caleb Hammer video every two days they were disappointed yesterday? 😅 Using these to keep me motivated during my no-buy year. The speed he’s been putting these out at lately has been crazy and I do hope he takes time to rest if he needs it. ❤
I was like this too. I didn’t care about over drafting fees, would always be negative in my account. One of the greatest thing I ever did was create a budget and actually sticking to it. I cancelled all streaming subscriptions, deleted all food apps, deleted all the store apps. I’m no longer living paycheck to paycheck and have actually build a savings.
Last week I almost convinced myself to go to Taco Bell for dinner because I had a busy day at work. I was going to “treat myself”. Then, at the end of my shift I reminded myself that I did not need Taco Bell, I was just hungry and needed food. Then I went and got groceries instead. I am so grateful for this channel!
The grocery store is very best place to spend money if done correctly. I’ve never regretted spending money on food or utilities. Other than cable, that one absolutely kills me.
I love that you compare your weight loss struggles with his financial struggles. We all have our challenges but it is always about steady improvement and a willingness for delayed gratification to get to a better place.
One thing that might have been glossed over is the long commutes this couple faces. This super commuting is extremely stressful and takes its toll mentally and physically and possibly be a source of the excessive spending on food. Studies have shown that is better for one family member to bear the burden of the commute and live near the other's place of work as opposed to splitting the difference (doubling the misery). Great stuff as always!
I have a 2 minute commute by car or 12 minute walk. I can definitely say there is a huge intangible value to a short commute to and from work. Not to mention the gas savings or wear and tear on a vehicle.
Between gas and food I was able to save about $900 a month when I started working from home. Then when I got called back into the office, I realized I could save that all the time with a permanent work from home position. I ended up saving about $15k a year total. That's gas, food, clothes, car maintenance, car insurance, hair and nails. That doesn't include the 2 hours a day that I don't have to commute anymore. It's been a godsend
Respect to all these people coming on the show and making themselves vulnerable and respect to Caleb for being brutally honest and helping these people 😂
I only had 2 that I owed 24k on. I paid one completely off finally, and then transferred the other (almost 9k) to a new third card. I have 20 months of zero interest now which costs me $265 up front. But now I know I can pay that off by Nov. 2024 with ease. I have over 3k on checking which lowers my stress level tremendously. I have opened up a savings account that pays 4 1/2% interest. Not a huge amount but I’ve definitely turned the tables by getting paid interest instead of paying it. You can do this. I did on a $40k income. Each month I looked at the balance going down, the amount of interest I was paying going down, more going towards the balance. It was very motivating. I do have a 825 credit score and that helps with being able to transfer balances on favorable terms. Even though you cut up those cards, do not cancel them. Keep those accounts open. Especially long standing ones. Just don’t use them
@Tiny Mission congrats! I do plan to keep them open and eventually close out the ones with yearly fees. My credit score is really bad right now and I have a car on 15% interest. Terrible I know.... That's our only vehicle so my biggest priority is doing the snowball method so I can get be debt free before 2025.
We were in the same boat as you 2 years ago making a little less. We were able to get out of debt in 18 months! You got this! We didn’t do anything though. No vacations. No eating out. Wishing you luck on your debt free journey!
For only 2 adults (child is 6 months so they aren't eating the fast food YET) What the F are they ordering at Dominos for 2 people to have a $54 bill in one order?? $39 at Panda????? HOW!? The Bigger 3 entree plate is $12! 🤯🤯🤯
I was wondering the same or they invited people and there is people who are taking advantage , I have a friend that pay with the credit card and ask you for the cash so she can get cash
In Canada, I can buy two Medium pizzas at dominos for $18 plus tax. It feeds two adults and two kids with a side salad we make at home. It’s our favourite quick “take out meals”. I can’t imagine what $54 gets you.
Kudos to this guy going on there. His situation may be one of the roughest, but I appreciate his willingness to show up with little to no excuses for the financial craziness. Pulling for him to turn it around.
At its highest, I had $25,000 in credit card debt, all five cards maxed out. I was also 27. It took me YEARS to get out of the hole. Had to let three go into collections. Settled later.
I was laid off in 2008 (yay recession!) Had about $10k on a Discover card. Stupid...stupid...stupid, I know. I have T1 diabetes, and buying insulin to stay alive was more important than paying credit cards, so I stopped making payments. Eventually Discover turned over to a collection company. That sucks, but it did stop interest from accruing. Gave me a fighting chance to pay it off. Collection company offered a settlement, but I didn't accept it (it was legit my true debt, I should ethically pay it off). Took several years, but paid it off. Now my credit is repaired, score around 740-750 depending on which company you ask.
@@chrisvig123 pretty much. I let three go into charge off, which was about the same kind of hit to my credit in the long run. Still not recovered from those and it's been over 3 years.
Literally saving lives. It's the right amount of shame to let people have that honest look in the mirror. The roadmap you gave this dude to help himself will help out so many other young folk who are in the exact same position.
I made $28k for most of my 20's and was doing fine. Went to college and now make $150k+ in my early 30's. My life looks almost exactly the same, but all my bank accounts and investments have a few more zeroes. Glad I was basically forced to be frugal when I was younger.
When you're speaking with parents of young children you might also suggest establishing a 529 College Savings Account for the kid - after all debts are paid and you're in a position to do so, obviously. An early contribution goes a long way with compounded interest.
college isnt everything. i wouldnt save for a college fund for my kids. i dont have kids tho. 🤷🏼♀️ teach them how to save to pay for it themselves. or better yet, teach them to apply for dozens of scholarships. and the dangers of student loans.
@@trailertrish It's the least you could do when bringing a kid into a crappy world. They didn't ask to be here, parents need to afford them every opportunity in life.
@@trailertrish No. You should give your kid every opportunity possible in life. It's clear you don't value education, but they might. If they choose not to pursue higher ed in any capacity, that money can be shifted elsewhere.
Honestly, it's not *that* far off. Sure, the food itself doesn't cost that much, but taking into account the credit card fees, interest payments, and overdraft fees that he wouldn't have to pay by cutting out food, even reducing his fast food amount to a quarter of what it was will go a long way to putting his family in a good financial situation.
"there's no excuse" "It's not about an excuse, I need to know WHY" That's the difference between someone who wants to get views vs someone who wants to help people change! Good job!
Honestly I hope they decide to do better. Growing up with parents in bad debt is so stressful for kids. All it takes is small changes like eating out less, not maxing out credit cards, and trying to be responsible. I grew up with parents being financially irresponsible and I’m doing my best now to change my behavior. It’s so easy to fall in that rabbit hole
Honestly it’s really heartwarming to see him care this much about people he doesnt even know. I know he cares cause it’s his job too but his brutal honesty and passion show he means what he says to these people. So glad i found this channel.
I love this show. It’s equal parts realizing that I’ve got a pretty good grip on finances, and makes me want to push myself to be even better. Everybody on the show seems to be really behind the ball, but I’m somewhere NEXT to the ball. I’d like to come on the show for advice on being better-I certainly have behaviors worth critiquing-but I’d also like to learn tips on maximizing my financial potential and setting myself up for the future.
This ^^, Would love if he did like some "You're doing great but here's how to be better" vids for people who aren't in debt and want to stay out of it. People who want to get ahead on their retirement and savings and stay ahead
I didn’t believe people could really eat out $5000 worth of money a month but this family sure comes pretty darn close to it. And I thought my once a week was a disgrace 😂
I and many of my coworkers eats out every meal, which is unfortunate but from this experience I can tell you the $5000 is a lie for him. It doesn't cost that much for 3 to eat at the types of places he does (dominoes, chick fil a, mcdonalds). The money has to be going somewhere else. He has no idea what is going on with his money.
The fact that the 700 in fees could have paid off two credit cards… 😢 their savings could have paid off their credit cards. Then they’d have all those payments back in their pocket and be saving it all again in months if they don’t just got spend it all. I feel so bad for them, something definitely needs to change… they have to be so stressed out!
I love how you always build Healthcare and mental health needs into the budget. It's something folks always write off as "I'll get to it when I can afford it" and it HAS to be a priority to be able to successfully tackle tight budgets.
My wife and I were like this until I got hurt 12 years ago and was out of work for close to 2 years outside of part time work. After almost losing everything over that span, we now make triple what we did at the time, but now live off of what one of us make just in case. This has allowed us to save, and live a much less stressful life. Highly recommend.
Just spent a week on vacation. Watching this to get in the headspace to stop spending for the next month+. It's so easy to say "eh we're on vacation. lets eat out" but coming back down to earth and getting back to cooking each night and getting back on good financial behavior is a lot harder. It's always good to have a partner or friend to help hold you accountable!
The "You're a dad now, take care of yourself" comment hit me hard. Not only does it show Caleb's compassionate side, but it is 100% true. At the end of the day, all you have is your health. Doubly so when you have a child that depends on you.
Watching these videos made me thankful that my parents drilled into my head at an early age that you DO NOT EVER spend money you do not have. We grew up relatively lower middle class in terms of income and even though I am now financially better off than my parents I still absolutely refuse to pay a single credit card fee. We use credit cards to eat miles but always pay off in full every month and stay far away from the card limit. I wish financial literacy was stressed more in school. This reality check is so important for so many of the people you bring on. I hope they take your advice.
Same here. I'm not well off by any means, but I've paid everything in cash. I don't think my mum has ever missed a payment on anything. I remember her stressing out for missing a credit card payment once. She wan't over the limit, she just hadn't paid off what she had put on it lol.
Caleb, I'm in decent financial shape but with some debt. Literally every time I watch your show, I get motivated to pay off more of my debts. You're doing something great and your abrasive approach is actually a good thing. Sometimes people need harsh words to recognize that there is a problem
I really enjoy these long form financial audits and the cutaway edits to their faces when Caleb stresses the bad news or how dumb they are. Those real reactions are what drive things home for the channel viewers. I hope more and more people continue to volunteer to for these episodes so we can all learn.
I've trained myself to be a credit card person. I spent my entire 20s in debt and was able to get it paid off in my early 30s and kept my cards but only bought what I could afford on them and paid them off immediately. It took me a decade of debt and no investing to get to a place of being responsible with credit cards and investing. It can be done!
This content is eye opening. I appreciate Caleb and Johnny for this interview. Last year I gambled every cent I made which was around $25,000 dollars. It doesn’t seem much but for a college student it was close to the amount of student loans I owe. Looking through Caleb’s video made me want to change my situation. I still have over $6000 in credit card debt from my addiction but I look forward to making the sacrifices needed to pay it off and be more financially literate. To everyone out there who’s struggling please continue to have hope. Our future self needs us to get it together.
@Master Physique thank you it's insane... every day a craving even with self exclusion... I don't get it anymore. What is the draw? The win or the loss?
Just so people know, even if you cut up your card, that doesn’t mean you have to shut it off. Your credit score is impacted based on your monthly statement balance, your credit limit, and if you make on time payments. It also affects your credit score positively, even if theres a $0 balance every month. Always avoid a card with a monthly fee unless you know what you’re doing.
@@baconoftheark I laughed at the part where you said “I need to show the banks I have a long credit history for that juicy credit increase” that’s so true 🤣👍
Caleb should really have his own tv show. They need a relateable person who does this in a way that ppl understand. Well done Caleb. Future is bright for you😊💜
37:01 this bit really spoke to me. I'm going to be 30 soon and I feel the pressure of needing to buy a house. But you're right, there's no need to rush.
Thanks to your channel Caleb i’ve cleared 2/4 credit cards using the avalanche method this year and will be debt free by the end of May for the first time in 12 years!
I'm really loving these videos, Caleb. I just found your channel yesterday and I've been BINGING your shit. I'm age 19, currently applying for a job and I'm going to start college in the fall, and I want to be prepared for my future and how to avoid debt. Your videos make it a whole lot easier to understand. Other financial RUclipsrs explain a whole lot of complicated shit that just doesn't help someone beginning/starting out, and most of them have weird ass sponsors that make me unwilling to trust them. Your channel is great for all ages to understand, clearly, but it's definitely helpful to us beginners. Thank you.
You're still a kid. You won't have to worry about anything like this when you're a full blown adult. I can tell you'll be financially sound if you internalize the lessons on this show.
As a fellow 20 year old, my tips to avoid debt are just set yourself limits, get a consistent job, and save as much of your paycheck as possible, cause if you live with your parents, now is the best time to save up money. I feel that I'm in an amazing place financially right now, cause since I was 18, I've been steadily working and buidling my credit score and I feel super set for the future. That peace of mind is great.
@@teohahs9464 Yep, that's pretty much exactly the plan. Save the majority of my money. Spend what I need to on gas, limit my luxuries, take advantage of living at home. Split up what I save into an emergency account, investing, and a Roth IRA.
I just tallied his credit card usage into a spreadsheet, and it's terrifying. Just in his last statement on all 8 credit cards, he paid $89.00 in fees and $113.51 in interest for a total of $202.51. Overall credit utilization of 112% (ideally you want to be
So thankful for this channel! We’re already pretty frugal about most things but see lots of room for improvement. The steady stream of these videos is really keeping me motivated!
After watching these videos, I realize that my situation isn't that bad. I was freaking out about my debts but with a proper plan/budgetting, I can be student loan and cc debt free in a couple of years.
I can’t tell you how much looking at your statements/bank activity does for you. Previously working in banking and looking at transactions for customers and comparing their activity to their personality/trends, it was extremely eye opening…
This may be the first time where I am thinking someone should thank their lucky stars for a low credit score. A $300 credit limit! Imagine if it had been $3000!
Caleb: “How old is she?” Dude: “we’re the same age, 27” Caleb: “how old’s the kid?” Dude: “6 months” Caleb: “okay- *trying not to explode* congratulations by the way” Dude: “thank you” Caleb: *resumes trying not to explode pose* 🤣
Great episode Caleb! I was in a super similar situation with a newborn while unemployed and starting a business. Super easy to fall into CC debit - that’s honestly how I found Caleb and we’re doing WAYY better now! Thanks for all the motivation Caleb!
I'm someone with major money anxiety, it's driven me to become obsessed with saving money, sucking the enjoyment of the money that I work so hard to make. i think that would be a very cool series to see the opposite side, people with money but who live too frugally, to the point where it takes the fun from life. I know I could use something like that
I was like this for a long time. I worked like 60 plus hours a week and all I did was eat and sleep. I lived in an old single pane window apartment. I was cold all winter and hot all summer because I didn't want to pay for air conditioning. I have no debt but I wasn't living either.
My wife and I are people who spend money on doing things that make us happy now and often we run into issues like no savings account and barely paying bills on time but we are definitely getting better and I’m going to continue to watch these videos to get advice on how to do the right things
Me and my family are pretty similar. Around 120k a year with one child. I think we spend entirely too much on stuff we don't need even though we always have 2-3k in the checking. Our saving grace and what I do feel thankful for is having a 20k savings..but realizing the shit we spend money on makes me feel like we can have much more than that. This video was good.
@@cblue3581 , you're way ahead of the average American who isn't prepared for an emergency costing a few thousand dollars. I'd say you're in a good place.
@@grayparatrooper The $45k is the emergency fund which is not going into investments and the $20k in checking is used to pay monthly bills with a $5k extra for cushion.
We were worse off than this guy in the early 2000s, we had less income, maxed everything out and were continually running up to -$2,000 in our overdraft. We learned our lesson, cash flowed our own advanced degrees and both kids degrees, and will retire as millionaires with a paid off house, debt free and a paid for car. Anyone can turn this around with hard work & consistency so don’t give up!!
Thank you, Caleb. I had been looking forward to this episode ever since you alluded to it over the weekend. Hope your message reaches all the people who need it!
This was a great video, and you are truly helping this young man out. The BIGGEST lesson here, this young man despite his terrible financial decisions still has a path to become a multimillionaire if he does what you tell him, make the sacrifices you suggest, and saves for retirement. People need to be aware that this path is not only possible, but even if you screw up at 27, you can get on the right path and leverage compound interest over the long term.
So many of these episodes purely come down to spending/eating addiction. It’s a great reminder because we can all fall victim to this same trap of constantly eating out, everyday, multiple times a day
@@responsibleaccount3918 Honestly it's more food delivery than anything. It's always fuckin doordash and grubhub as if these people think the delivery and tip are trivial amounts.
As for NEEDS , can we consider that internet is a need in today's world? It helps for banking and searching for a job, checking out DYI's , learning a new recipe or how to budget. It is a tool. That is different for streaming services that are for entertainment purposes, these I would consider a WANT.
This is such a foreign mentality to me. It amazes me that he and his wife saw they had $4 left on their card until they hit their limit and decided that meant they had money to spend to go $80 OVER their limit. That’s incredible honestly.
Caleb, thank you sincerely for these videos and all you do. You are truly making differences in people's lives. The dying on the Walmart floor thing really gets to me. I'm only 28 but taking steps now will prevent that from happening. Thanks to you, a couple others, being sober, and some maturity I am!
That’s amazing ❤ thank you so much!
Nightmare scenarios are a far more efficient motivator than envisioning where you actually want to be.
@@PrimericanIdol You are right the negative is a motivator.
Hes why I have a complimentary bank account. Man is keeping the bank in business
@@CalebHammer i wonder how often you tell people to just close the cards down and get on payment plans so the interest stops ticking
I'd love to see you financially audit someone who's really put together and literate on finances so we can see the contrast between bad credit users and proper credit users.
Nah, watching someone who has their life together would be boring.
A good idea
episode would be 2 minutes long haha
The people who have their shit together don’t really feel like bragging about it.
He has done audits for successful people in the past in his old videos !
People really need to know that having 8 credit cards at 100% credit utilization is not "building credit" but rather actively destroying your credit
Great point and most of them were actually over too!
anyone that didn't know that should straight up delete themselves
Yup any usage over 50% works negatively for your credit score💀
Yeah building credit is keeping your utilization below 30% and paying them on time and in full every statement. 100% utilization is dogshit that's why they have Credit One cards lol, worst lender EVER
They have enough in savings to wipe out all 8 of those cards. The revolving credit lines done really help your credit score as much as the installment payment boost he will get for making on time payments on that mortgage. I feel like they have been pretty late with car payments pretty consistently, that’s why their credit is in the toilet.
I feel like married couples BOTH need to be in the room getting audited at the same time. She needs to have a coming to Jesus meeting too because it won’t work with just him. The amount of money they make is AMAZING and if they get this figured out, they are solid. I’m rooting for you both.
Couldn't agree more. Anybody who is married needs to bring their spouse to the audit.
💯 percent
They have a 6 month old and people with no money can't pay to travel....
@@sycamorevalley8580 He could have looped her in on Zoom, easy.
Yes! This can't be solved without her cooperation. For all we know they fight about going out to eat and one of them reluctantly goes. Or for other spending issues. We have no idea if one of them or both of them are the spenders here. And no sense of how their relationship around money works.
credit card companies LOVES people like him & his wife
yeah stupid dumassas like this guy is hard to come by
Whoever owns Dutchbros needs to send this guy a thank you card..
😅
Maybe all them lenders can pitch in. They should probably throw in a rub&tug.
Dutch Bros is shit coffee too. It's just sugar drinks with some coffee
😂😂😂
Caleb really needs a blood pressure/HR monitor that displays on screen for these episodes.
It’s not good for his health!
I worry when he says overdraft fees that he might have a meltdown.
And something measuring the pitch of his voice 😅
He's probably burning calories with how high his heart rate goes lmao
This would be soooooo funny when going through statements
27 years old. I just paid off all my credit cards. I now have $1300 extra a month to use for savings and creating my emergency fund. Plus my Credit score is finally in the 730s!
Watching Caleb has really helped me out, keeping me accountable and honestly scaring me straight 😂😂
THANKS!
19 years old, bouta hit 700 credit score and got like 400 debt that I bounce around and pay off way too early to build credit, ppl say the internet is a curse but things like this probably saved me in the long run😂
Congratulations!!! Keep up the great work!
Good on you! Love hearing these stories 🎉 Keep up the good work!
Congratulations brutha !!! I used to flex on the gram whenever I got money.. those were bank loans and all my by-weekly paychecks . I can't even afford insurance these days, Not worth debt stress on your back fr fr 😂
Nice
finally got my emergency fund full, 6 months worth of expenses. credit score 798, thank you caleb
They should play these in highschool for students. It is so informing and inspiring. Wanting to be financially free and comfortable
“They” want you to be financially illiterate and up to your neck in debt
Yes but unfortunately the entire modern industrial world has so much power they want you to go into debt and make minimum payments the rest of your life. They don’t like customers that borrow money for free.
Kids would think they are the exception.
I literally paused this video to go pay off my credit card balance. Bless you, Caleb.
Cool, now setup auto pay and set it to account balance, you’re welcome Uncle Gen X 🤟👍
I have the utmost respect for those who recognize the situation they're in and take action to come on this show. Caleb and his interviewee's are quite literally changing lives.
It depends. That 41 year old narcissistic man child who appeared on the show a few weeks ago is definitely not.
@@PrimericanIdol it definitely showed people not to end up like that
@@XblMunchie Yeah. And second hand shame.
I was speechless during that episode because I could easily have ended up like that myself if not for some painful decisions I had to make.
@@PrimericanIdolDo you remember the title of that episode, if you don't mind?
@@Inqtive The name of that episode is "41-Year-Old Refuses To Get A Job And Grow Up | Financial Audit"
How can you not love America, there are literally millions of people like this Caleb will never run out of new people and content.
How can you not love America where a quarter of these people find themselves in similar credit card debt due to non existing public healthcare systems.
@@DavidGarcia-oi5nt public health care wouldn’t stop this guy from spending $5000 a month at restaurants
@@DavidGarcia-oi5nt How can you not love people that no matter what, they always shift the blame to "someone else's fault".
And he makes a ton of money. I dont get how people are this rich and just fuck it up.
@@DavidGarcia-oi5nt Now that's what I call a debt sentence.
Haven't even started watching but the title makes me have mad respect for this guy to come on the show.
Absolutely!
@@CalebHammer Change the name of your show to Faces Of Debt.
He's obviously too dumb, don't respect stupid
It's scary how easy it is to spend so much money. Hope this guy can be a cautionary tale for others
I just hid under a rock and paid them off. I'm too weak to put myself on show like this
What I really appreciate about Caleb is that he is legitimately angry at the debt, that geniunely riles him up, and that riles me up about my own debt issues. So, thank you for that example.
My parents were in an awful debt situation when were babies. They followed the Dave Ramsay route and made a 180 degree turnaround and are now very wealthy. This guy can pull it together.
Babe wake up Caleb is yelling at millennials again
lol hahaha
This is our Dave Ramsey lol
Best comment
“Coming hunnie”
@@darkfarfetch3664 glad your mom doesn’t love you
His wife should have been through this with him. She is also irresponsible, and needs to hear the Tough Love! They truly need a budget and to stick to it. My blood pressure/ heart rate was up just watching. Good luck to them!
I assure you the Fabletics subscription is not his 😄
Yes! She deserved some of the lashing
She’ll drain him dry then move on to the next joker.
Agreed. It is impossible to do family finances by yourself, they both have to be on board.
@@forcadesignllc5611 Lol what? Based on what?
We need couples sessions! It would be interesting to see the dynamic and attitudes of each side towards the debt
No we dont need a bunch of blaming lol 😂😂😂
We need some drama 🍿
I think there would be plenty of 911 calls
Everyone knows a single man has a fatter wallet
Usually this form of spending means something else is going on with this couple . Over spending is a form of avoidance to other emotional things. This guy is intelligent . He knows what being done and how it's affecting their financial stability . It's like a hoarder . They know they live in a messy house but it's so bad they avoid it's even there .
I used to be like this. I don’t know why but this channel is the only thing that woke me up. Once I was willing to look, I changed immediately.
I don’t think that’s true. A lot of people just need a wake up call.
I was about to pay the minimum on my credit card this month. I could imagine you yelling at me. I made a large payment instead. Then I figured out a plan to pay it off finally. I discovered that with following the budget I came up with, I can get it paid off and be debt free by the end of the year. Thank you for helping me finally confront my debt.
Once you get there, make sure to pay the balance off every month. 😮
@@quicklykay I will!
Three months left, how you doin?
Did you do it??!!
Update!😊
This channel has really helped me realize that all the people that I know that spend money like water on going out to eat and travel are actually probably just going into deeper and deeper credit card debt. Thank you Caleb for your channel!
Social media isn't real, and nothing you see on there is real. Stay safe and healthy. 🧡
Unless they're doctors or lawyers, yup.
@@quixomega Bro, you would be surprised how much debt doctors and lawyers have.
If you make 300k and you have payments on a 200k car and 2 million dollar house, you’d still be broke.
I learned a long time ago that you can't tell how much a person has based on how much they spend. In fact the opposite is likely true. The person on your street with the oldest cars is likely the wealthiest.
@@quixomega I know a lot of doctors and lawyers who spend more than they earn. They have to keep up with the Joneses and their Joneses spend a lot more than yours.
I feel like in scenarios like this, both partners should be on the show since it'll require both partners to be on the same page.
That’s exactly what I think!!
It’s up to them, not me
@CalebHammer that hints at who will be the hardest mind to change!
Isn’t it shocking how many partnered people come on this show WITHOUT their partner! I can’t even imagine!
I agree but they are too embarrassed because they know they are screwing up.
I don't have children, but one of the best gifts that a dad can give to his kids is practicing responsible money management. Thank you Caleb for helping his man, and I'm sure his child would express the same gratitude. Hoping Johnny's attitude changes and follows this advice because his situation is an epic disaster.
Or mothers can give that advice too
I love how Caleb is always invested in their finances. The expressions he makes tells me he truly cares about people
Best content channel on RUclips right now! I'm so glad we have examples like these to learn from.
Thank you ❤
@@CalebHammer been binging the audits for the past month. 💚
Been watching you daily when I can. I'm 29, almost 30. I'm roughly 20k in debt, 8k car, 9k student, and the rest misc credit card/payments. I'm starting to show discipline when paying payments off. I now pay 20% over my car payment monthly. I also have been throwing lump sums on my credit cards. I'm seeing improvement.
Thank you Caleb.
Love to see this! Keep on chipping away my friend
Progress, not perfection man. Just keep being responsible and chipping away at it. You’ll get there.
One thing I will say that I very much don’t always agree with on some of these things is acting like financing a car is the devil. Just really depends on your needs as a person, and yes most of the guests never should have at all lol. That being said. I’ve watched many of the Dave Ramsey type ppl I know pour hundreds after hundreds or thousands into their piece of shit “paid off” car that it’s almost comical lol.
If you gonna buy a newer car, establishing great credit and buying smart is how it’s done.
Good for you, it's a slow slog sometimes. Don't buy huge stupid vehicles and stuff like that, and you'll be fine.
Good job on making progress towards fixing your situation, but I need to ask. Wouldn't it be better to pay your credit card in full before overpaying your car payments? Or is the interest on your car so high that it doesn't make much of a difference?
I paid down $6,000..now that I can afford my minimum payments + $250 extra..I stopped paying extra on credit cards to accumulate cash..I'm so worried about the deflation of the US dollar.. I still live life like the most frugal person you have ever met..I follow "Under the Median".. not Dave Ramsey because his plan is not flexible enough.. it's not because I need behavior-modification it's because of a death in the family
I recently started watching your videos and it's amazing to me how many people use a credit card as a loan. I was trained to always pay it off in full monthly, which means having the mentality that when you buy something with it, the full amout will come out of your checking account. Ive always wondered how credit card companies make money since I thought everyone did this, until I started watching these videos.
Not eating at restaurants saves you so much money. Fast food is never necessary. Buy groceries.
Anyone else got so used to getting a Caleb Hammer video every two days they were disappointed yesterday? 😅
Using these to keep me motivated during my no-buy year.
The speed he’s been putting these out at lately has been crazy and I do hope he takes time to rest if he needs it. ❤
Yes! These audits will definitely keep you motivated. They've motivated me to do another No Buy Year.
I was like this too. I didn’t care about over drafting fees, would always be negative in my account. One of the greatest thing I ever did was create a budget and actually sticking to it. I cancelled all streaming subscriptions, deleted all food apps, deleted all the store apps. I’m no longer living paycheck to paycheck and have actually build a savings.
Nice! Love hearing and reading these
Love it! 🎉
I believe eating out is what costs the most. Once I stopped with the fast food and energy drinks I saved so much.
Do you take out cash on paydays and use an envelope system?
Last week I almost convinced myself to go to Taco Bell for dinner because I had a busy day at work. I was going to “treat myself”. Then, at the end of my shift I reminded myself that I did not need Taco Bell, I was just hungry and needed food. Then I went and got groceries instead. I am so grateful for this channel!
The grocery store is very best place to spend money if done correctly. I’ve never regretted spending money on food or utilities. Other than cable, that one absolutely kills me.
Taco Bell is gross af. You're not treating yourself, you're punishing your body.
When you consider Taco Bell food is a “treat” im so sorry.
Someone should audit your food choices; Taco Bell?
It takes discipline to not just seek out what’s convenient, good for you!
I love that you compare your weight loss struggles with his financial struggles. We all have our challenges but it is always about steady improvement and a willingness for delayed gratification to get to a better place.
Found this channel out of no where . And ive been obsessed with it. It definitely has got me to be more mindful of my spending
One thing that might have been glossed over is the long commutes this couple faces. This super commuting is extremely stressful and takes its toll mentally and physically and possibly be a source of the excessive spending on food. Studies have shown that is better for one family member to bear the burden of the commute and live near the other's place of work as opposed to splitting the difference (doubling the misery). Great stuff as always!
I have a 2 minute commute by car or 12 minute walk. I can definitely say there is a huge intangible value to a short commute to and from work. Not to mention the gas savings or wear and tear on a vehicle.
@@tinymission7821 Reduced my commute from 1 hour to 15 minutes. Made a world of difference!
I agree with this… all my medical appointments are 2-3 hours commute a day. Makes me want to pull my hair out!
Great point. You also save so much money by living closer to work.
Between gas and food I was able to save about $900 a month when I started working from home. Then when I got called back into the office, I realized I could save that all the time with a permanent work from home position. I ended up saving about $15k a year total. That's gas, food, clothes, car maintenance, car insurance, hair and nails. That doesn't include the 2 hours a day that I don't have to commute anymore. It's been a godsend
Respect to all these people coming on the show and making themselves vulnerable and respect to Caleb for being brutally honest and helping these people 😂
Thank you for this, Caleb. This lit a fire in me. I make 70k a year but in the hole for 46k. I just shredded 7 maxed out cards.
I only had 2 that I owed 24k on. I paid one completely off finally, and then transferred the other (almost 9k) to a new third card. I have 20 months of zero interest now which costs me $265 up front. But now I know I can pay that off by Nov. 2024 with ease. I have over 3k on checking which lowers my stress level tremendously. I have opened up a savings account that pays 4 1/2% interest. Not a huge amount but I’ve definitely turned the tables by getting paid interest instead of paying it.
You can do this. I did on a $40k income.
Each month I looked at the balance going down, the amount of interest I was paying going down, more going towards the balance. It was very motivating.
I do have a 825 credit score and that helps with being able to transfer balances on favorable terms. Even though you cut up those cards, do not cancel them. Keep those accounts open. Especially long standing ones. Just don’t use them
@Tiny Mission congrats! I do plan to keep them open and eventually close out the ones with yearly fees. My credit score is really bad right now and I have a car on 15% interest. Terrible I know....
That's our only vehicle so my biggest priority is doing the snowball method so I can get be debt free before 2025.
We were in the same boat as you 2 years ago making a little less. We were able to get out of debt in 18 months! You got this! We didn’t do anything though. No vacations. No eating out.
Wishing you luck on your debt free journey!
@@tinymission7821how did you owe $24000 in CC but still have an 825. I’m just very curious.
Made any progress? Or still at 46k or worse?
For only 2 adults (child is 6 months so they aren't eating the fast food YET) What the F are they ordering at Dominos for 2 people to have a $54 bill in one order?? $39 at Panda????? HOW!? The Bigger 3 entree plate is $12! 🤯🤯🤯
I was wondering the same or they invited people and there is people who are taking advantage , I have a friend that pay with the credit card and ask you for the cash so she can get cash
She must like the panda leftovers😂😅
In Canada, I can buy two Medium pizzas at dominos for $18 plus tax. It feeds two adults and two kids with a side salad we make at home. It’s our favourite quick “take out meals”. I can’t imagine what $54 gets you.
Kudos to this guy going on there. His situation may be one of the roughest, but I appreciate his willingness to show up with little to no excuses for the financial craziness. Pulling for him to turn it around.
At its highest, I had $25,000 in credit card debt, all five cards maxed out. I was also 27. It took me YEARS to get out of the hole. Had to let three go into collections. Settled later.
I’m glad that’s behind you
I did too due to a mental health episode. Thousands in interest a month. Was rough.
I was laid off in 2008 (yay recession!) Had about $10k on a Discover card. Stupid...stupid...stupid, I know. I have T1 diabetes, and buying insulin to stay alive was more important than paying credit cards, so I stopped making payments. Eventually Discover turned over to a collection company. That sucks, but it did stop interest from accruing. Gave me a fighting chance to pay it off. Collection company offered a settlement, but I didn't accept it (it was legit my true debt, I should ethically pay it off). Took several years, but paid it off. Now my credit is repaired, score around 740-750 depending on which company you ask.
If you have no property or assets you declare personal bankruptcy at that point
@@chrisvig123 pretty much. I let three go into charge off, which was about the same kind of hit to my credit in the long run. Still not recovered from those and it's been over 3 years.
Literally saving lives. It's the right amount of shame to let people have that honest look in the mirror. The roadmap you gave this dude to help himself will help out so many other young folk who are in the exact same position.
Shame yes but CARE and clarity
Goes to show financial habits you practice while earning less ultimately follow you as your income grows.
I made $28k for most of my 20's and was doing fine. Went to college and now make $150k+ in my early 30's. My life looks almost exactly the same, but all my bank accounts and investments have a few more zeroes. Glad I was basically forced to be frugal when I was younger.
When you're speaking with parents of young children you might also suggest establishing a 529 College Savings Account for the kid - after all debts are paid and you're in a position to do so, obviously. An early contribution goes a long way with compounded interest.
Love this idea!
college isnt everything. i wouldnt save for a college fund for my kids. i dont have kids tho. 🤷🏼♀️ teach them how to save to pay for it themselves. or better yet, teach them to apply for dozens of scholarships. and the dangers of student loans.
@@trailertrish It's the least you could do when bringing a kid into a crappy world. They didn't ask to be here, parents need to afford them every opportunity in life.
@@trailertrish No. You should give your kid every opportunity possible in life. It's clear you don't value education, but they might. If they choose not to pursue higher ed in any capacity, that money can be shifted elsewhere.
Eww, college.
I love how Caleb seems to take all of these bad decisions personally. 😂
Then he berates their fast food choices.
I appreciate his passion 😄
I laughed out of shock when he just casually said eating out was the cause of losing 8 thousand dollars
He wasn't too off the mark though, geezus😨
Does he eat gold steaks? Lmao
...that's only $20/day...average...low average for larger households...
@@dericanslum1696 How large are these households where food is $20 a plate, my dear?!
Honestly, it's not *that* far off. Sure, the food itself doesn't cost that much, but taking into account the credit card fees, interest payments, and overdraft fees that he wouldn't have to pay by cutting out food, even reducing his fast food amount to a quarter of what it was will go a long way to putting his family in a good financial situation.
"there's no excuse"
"It's not about an excuse, I need to know WHY"
That's the difference between someone who wants to get views vs someone who wants to help people change! Good job!
Honestly I hope they decide to do better. Growing up with parents in bad debt is so stressful for kids. All it takes is small changes like eating out less, not maxing out credit cards, and trying to be responsible. I grew up with parents being financially irresponsible and I’m doing my best now to change my behavior. It’s so easy to fall in that rabbit hole
Honestly it’s really heartwarming to see him care this much about people he doesnt even know. I know he cares cause it’s his job too but his brutal honesty and passion show he means what he says to these people. So glad i found this channel.
I love this show. It’s equal parts realizing that I’ve got a pretty good grip on finances, and makes me want to push myself to be even better. Everybody on the show seems to be really behind the ball, but I’m somewhere NEXT to the ball. I’d like to come on the show for advice on being better-I certainly have behaviors worth critiquing-but I’d also like to learn tips on maximizing my financial potential and setting myself up for the future.
This ^^, Would love if he did like some "You're doing great but here's how to be better" vids for people who aren't in debt and want to stay out of it. People who want to get ahead on their retirement and savings and stay ahead
Caleb is a stud that deserves a medal.
A Nobel Peace Prize.
He is such a cutieeee
he's not a stud, he's a slutttt ... for the S&P 500 😂
@@gio_graphy Whoever ends up with him, will be a very lucky lady.
Caleb: *yelling and squealing in frustration*
Also Caleb: *calmly* I'm not angry at you I'm angry at the debt
Guest warily peers up from underneath the table. 😂
He was born to HAMMER 😂😂😂
I didn’t believe people could really eat out $5000 worth of money a month but this family sure comes pretty darn close to it. And I thought my once a week was a disgrace 😂
They're literally eating some peoples incomes 😂
I and many of my coworkers eats out every meal, which is unfortunate but from this experience I can tell you the $5000 is a lie for him. It doesn't cost that much for 3 to eat at the types of places he does (dominoes, chick fil a, mcdonalds). The money has to be going somewhere else. He has no idea what is going on with his money.
@@TheAkumaChan it's not even three people eating out for them, because their third family member is a infant
At its highest, I had $25,000 in credit card debt, all five cards maxed out.
Cook from home bro.
The fact that the 700 in fees could have paid off two credit cards… 😢 their savings could have paid off their credit cards. Then they’d have all those payments back in their pocket and be saving it all again in months if they don’t just got spend it all. I feel so bad for them, something definitely needs to change… they have to be so stressed out!
I love how you always build Healthcare and mental health needs into the budget. It's something folks always write off as "I'll get to it when I can afford it" and it HAS to be a priority to be able to successfully tackle tight budgets.
My wife and I were like this until I got hurt 12 years ago and was out of work for close to 2 years outside of part time work.
After almost losing everything over that span, we now make triple what we did at the time, but now live off of what one of us make just in case.
This has allowed us to save, and live a much less stressful life.
Highly recommend.
Caleb Hammer merch: "I'm not angry at you, I'm angry at the debt" T-Shirt
Just spent a week on vacation. Watching this to get in the headspace to stop spending for the next month+. It's so easy to say "eh we're on vacation. lets eat out" but coming back down to earth and getting back to cooking each night and getting back on good financial behavior is a lot harder. It's always good to have a partner or friend to help hold you accountable!
The "You're a dad now, take care of yourself" comment hit me hard. Not only does it show Caleb's compassionate side, but it is 100% true. At the end of the day, all you have is your health. Doubly so when you have a child that depends on you.
Watching these videos made me thankful that my parents drilled into my head at an early age that you DO NOT EVER spend money you do not have. We grew up relatively lower middle class in terms of income and even though I am now financially better off than my parents I still absolutely refuse to pay a single credit card fee. We use credit cards to eat miles but always pay off in full every month and stay far away from the card limit. I wish financial literacy was stressed more in school. This reality check is so important for so many of the people you bring on. I hope they take your advice.
Same here. I'm not well off by any means, but I've paid everything in cash. I don't think my mum has ever missed a payment on anything. I remember her stressing out for missing a credit card payment once. She wan't over the limit, she just hadn't paid off what she had put on it lol.
Caleb, I'm in decent financial shape but with some debt. Literally every time I watch your show, I get motivated to pay off more of my debts. You're doing something great and your abrasive approach is actually a good thing. Sometimes people need harsh words to recognize that there is a problem
Good for you! 👏 I think the abrasiveness in combination with empathy makes a great motivator for me.
I hope Caleb brings some of these people back on in a few months time. It’d be pretty interesting to see the changes they’ve made if any.
I really enjoy these long form financial audits and the cutaway edits to their faces when Caleb stresses the bad news or how dumb they are. Those real reactions are what drive things home for the channel viewers. I hope more and more people continue to volunteer to for these episodes so we can all learn.
I've trained myself to be a credit card person. I spent my entire 20s in debt and was able to get it paid off in my early 30s and kept my cards but only bought what I could afford on them and paid them off immediately. It took me a decade of debt and no investing to get to a place of being responsible with credit cards and investing. It can be done!
My husband and I can’t stop binge watching these
Same
This content is eye opening. I appreciate Caleb and Johnny for this interview. Last year I gambled every cent I made which was around $25,000 dollars. It doesn’t seem much but for a college student it was close to the amount of student loans I owe. Looking through Caleb’s video made me want to change my situation. I still have over $6000 in credit card debt from my addiction but I look forward to making the sacrifices needed to pay it off and be more financially literate. To everyone out there who’s struggling please continue to have hope. Our future self needs us to get it together.
I am in a similar situation.. I wish you the best
I’ve lost 10k on stock options what’s the difference you say? Nothing. Good luck
@@Front_Pockets tuff but we got time to make it back
@@jasonjason5325 Goodluck stay strong soldier
@Master Physique thank you it's insane... every day a craving even with self exclusion... I don't get it anymore. What is the draw? The win or the loss?
Just so people know, even if you cut up your card, that doesn’t mean you have to shut it off. Your credit score is impacted based on your monthly statement balance, your credit limit, and if you make on time payments. It also affects your credit score positively, even if theres a $0 balance every month. Always avoid a card with a monthly fee unless you know what you’re doing.
Exactly, keep that long credit history open. Your higher credit score will give you more favorable options for paying off balances cheaper and faster.
@@baconoftheark hahaha
@@baconoftheark I laughed at the part where you said “I need to show the banks I have a long credit history for that juicy credit increase” that’s so true 🤣👍
* affects, not effects
@@deirdrekiely6187 it definitely says affects.
Caleb should really have his own tv show. They need a relateable person who does this in a way that ppl understand. Well done Caleb. Future is bright for you😊💜
I bet more people see him here on RUclips than he'd ever get on TV.
Never TV this is TV. Dumb
37:01 this bit really spoke to me. I'm going to be 30 soon and I feel the pressure of needing to buy a house. But you're right, there's no need to rush.
They are instant gratification addicts. I hope they get the help they need. Some excellent advice given here. Good (if not frustrating) video.
Big respect to this guy, I wish him all the best
I would love to see one where daycare is entered into the budget. Since Daycare, these days is the cost of a
mortgage.
True. A lot of employers offer HDP plans that include FSA plans that will help with childcare.
Thanks to your channel Caleb i’ve cleared 2/4 credit cards using the avalanche method this year and will be debt free by the end of May for the first time in 12 years!
That’s outstanding! Congratulations on getting to be debt free!
Way to go Caleb!!! This video was blogged about on the Insider. Glad to hear you are getting great exposure!
As a banker and financial advocate, this is me with my family and friends! Ty for these video! Might start doing the same 🎉❤
I'm really loving these videos, Caleb. I just found your channel yesterday and I've been BINGING your shit. I'm age 19, currently applying for a job and I'm going to start college in the fall, and I want to be prepared for my future and how to avoid debt.
Your videos make it a whole lot easier to understand. Other financial RUclipsrs explain a whole lot of complicated shit that just doesn't help someone beginning/starting out, and most of them have weird ass sponsors that make me unwilling to trust them.
Your channel is great for all ages to understand, clearly, but it's definitely helpful to us beginners. Thank you.
You're still a kid. You won't have to worry about anything like this when you're a full blown adult. I can tell you'll be financially sound if you internalize the lessons on this show.
@@PrimericanIdol Which is exactly why I'm jumping on it early and watching shows like this. It's also just very entertaining content.
As a fellow 20 year old, my tips to avoid debt are just set yourself limits, get a consistent job, and save as much of your paycheck as possible, cause if you live with your parents, now is the best time to save up money. I feel that I'm in an amazing place financially right now, cause since I was 18, I've been steadily working and buidling my credit score and I feel super set for the future. That peace of mind is great.
@@teohahs9464 When I was your age, RUclips had literally just been launched. I wish this channel existed back then.
@@teohahs9464 Yep, that's pretty much exactly the plan. Save the majority of my money. Spend what I need to on gas, limit my luxuries, take advantage of living at home. Split up what I save into an emergency account, investing, and a Roth IRA.
can't imagine the situation they would be in if they had higher credit card limits
I just tallied his credit card usage into a spreadsheet, and it's terrifying. Just in his last statement on all 8 credit cards, he paid $89.00 in fees and $113.51 in interest for a total of $202.51. Overall credit utilization of 112% (ideally you want to be
😮
Caleb you've truly hit the mainstream now, I just saw an article on Insider that essentially summarized this video! Keep going! Get on Forbes!
I can’t express how helpful your content is, Caleb!
Thank you for sharing Johnny! I know what it's like to be in that seat and it's not easy. Kudos to you for going and looking to improve your life!
Kudos to you, Juan! Hope your debt recovery is going well!
So thankful for this channel! We’re already pretty frugal about most things but see lots of room for improvement. The steady stream of these videos is really keeping me motivated!
After watching these videos, I realize that my situation isn't that bad. I was freaking out about my debts but with a proper plan/budgetting, I can be student loan and cc debt free in a couple of years.
Oh yes. And you can't let instant gratification rear its ugly head in the process, because you'll never get there if you do.
I can’t tell you how much looking at your statements/bank activity does for you.
Previously working in banking and looking at transactions for customers and comparing their activity to their personality/trends, it was extremely eye opening…
I swear every time I spend a euro, I hear Caleb yell at me: WHAT ARE YOU DOING?😂 it’s the best mechanism
This may be the first time where I am thinking someone should thank their lucky stars for a low credit score. A $300 credit limit! Imagine if it had been $3000!
I was thinking the same damn thing!
Such good content. 🎉
@JohnnyQ good question
Caleb: “How old is she?”
Dude: “we’re the same age, 27”
Caleb: “how old’s the kid?”
Dude: “6 months”
Caleb: “okay- *trying not to explode* congratulations by the way”
Dude: “thank you”
Caleb: *resumes trying not to explode pose*
🤣
6 month JUST started solid food. Baby doesn't eat out.
@@Username26425baby goes to steakhouses twice a day
Rooting for this guy and his growing family. There’s a glimpse or real shame and sincerity, not excuses like many of the other guests.
Meh. I sensed apathy from the guest. Caleb is flipping out and the guy in debt is barely bothered.
If she is at home there is no reason she shouldn't be cooking. These two won't change
Great episode Caleb!
I was in a super similar situation with a newborn while unemployed and starting a business.
Super easy to fall into CC debit - that’s honestly how I found Caleb and we’re doing WAYY better now!
Thanks for all the motivation Caleb!
I'm someone with major money anxiety, it's driven me to become obsessed with saving money, sucking the enjoyment of the money that I work so hard to make. i think that would be a very cool series to see the opposite side, people with money but who live too frugally, to the point where it takes the fun from life. I know I could use something like that
very true! i think he might just refer them to a therapist bc hes more in the market of teaching financial responsibility
I was like this for a long time. I worked like 60 plus hours a week and all I did was eat and sleep. I lived in an old single pane window apartment. I was cold all winter and hot all summer because I didn't want to pay for air conditioning. I have no debt but I wasn't living either.
@@FlutterMouse how are you doing these days?
@@burymeinjhenny918 better. But I still have anxiety.
My wife and I are people who spend money on doing things that make us happy now and often we run into issues like no savings account and barely paying bills on time but we are definitely getting better and I’m going to continue to watch these videos to get advice on how to do the right things
Me and my family are pretty similar. Around 120k a year with one child. I think we spend entirely too much on stuff we don't need even though we always have 2-3k in the checking. Our saving grace and what I do feel thankful for is having a 20k savings..but realizing the shit we spend money on makes me feel like we can have much more than that. This video was good.
We keep $45k in savings and $20k in checking and we feel the same. It never ends
@@cblue3581 , you're way ahead of the average American who isn't prepared for an emergency costing a few thousand dollars. I'd say you're in a good place.
@@cblue3581 you should invest most of that, THats just dead money sitting around doing nothing
@@grayparatrooper The $45k is the emergency fund which is not going into investments and the $20k in checking is used to pay monthly bills with a $5k extra for cushion.
@@cblue3581 so you have a business or some huge overhead.
We were worse off than this guy in the early 2000s, we had less income, maxed everything out and were continually running up to -$2,000 in our overdraft. We learned our lesson, cash flowed our own advanced degrees and both kids degrees, and will retire as millionaires with a paid off house, debt free and a paid for car. Anyone can turn this around with hard work & consistency so don’t give up!!
8:40 - I love his explosions and then the “I’m not angry at you but at the situation” moments
Thank you, Caleb. I had been looking forward to this episode ever since you alluded to it over the weekend. Hope your message reaches all the people who need it!
This was a great video, and you are truly helping this young man out.
The BIGGEST lesson here, this young man despite his terrible financial decisions still has a path to become a multimillionaire if he does what you tell him, make the sacrifices you suggest, and saves for retirement. People need to be aware that this path is not only possible, but even if you screw up at 27, you can get on the right path and leverage compound interest over the long term.
So many of these episodes purely come down to spending/eating addiction. It’s a great reminder because we can all fall victim to this same trap of constantly eating out, everyday, multiple times a day
Laziness, no responsibility.
@@responsibleaccount3918 Honestly it's more food delivery than anything. It's always fuckin doordash and grubhub as if these people think the delivery and tip are trivial amounts.
Marketing
Yea as an excuse we make long workdays so i know the feeling not bother to cook but yea your money will fly out on littlr amout off food
As for NEEDS , can we consider that internet is a need in today's world? It helps for banking and searching for a job, checking out DYI's , learning a new recipe or how to budget. It is a tool. That is different for streaming services that are for entertainment purposes, these I would consider a WANT.
I hope this couple follows the plan because they have a great future ahead of them.
This is such a foreign mentality to me. It amazes me that he and his wife saw they had $4 left on their card until they hit their limit and decided that meant they had money to spend to go $80 OVER their limit. That’s incredible honestly.