Having EVERY Bad Debt Imaginable | Financial Audit
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- Опубликовано: 19 июн 2024
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00:00 Intro
00:28 Meet Joseph
01:21 Checkings 1
02:39 Checkings 2
03:36 Rental Property
05:30 Debt Consolidation Loan
06:44 Wife's Debt
07:30 Credit Card Debt
13:50 Car Debt
18:10 Financial Goals
21:42 Final Thoughts
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Today I sit down with Joseph Garcia. He makes well over the median US income, but he and his family still finance every purchase they make.
Let Joseph know what you think of his situation in the comments!
*Disclaimer: neither this video, nor any content produced by Caleb Hammer should ever be considered investing advice or official financial advice. All content is made for entertainment and educational purposes*
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Subscribe and stick around for more.
Trying something new! Videos will now be uploaded at 3pm Eastern instead of 5pm- seeing how this impacts the algorithm. Uploads will still be every Monday, Wednesday, and Friday. Also, big thanks to my first Patreon member, Brandon Hoyt! 1 of my first 10,000 subscribers will win $1,000, and 5 will each win $100. You will be randomly selected and announced within the first week of hitting 10,000 subscribers!
It's working!
Ya.. you don't need a stay at home Mom if you also have a stay at home mother-in-law! And... She needs to sell her shit and lose those storage units
I can appreciate what you're doing here. Please blur out their financial checking name when you post things on screen. The merchant or debit name and amount are far more sufficient. PII is personally identifiable information and you're coming awfully close, plus Identity theft and phishing are a thing.
What if we want to be audited? How do we interview for that ?
@@AliciaMcIntire I couldn't finish watching for this reason - shame because it's good info
Man, If I talked to this dude, I would think he's on top of the world. Wife, 4 kids, 100k+ salary, Army career, 2 cars, rental property. Both he and his wife taking classes to better themselves. Even supporting one of his inlaws.
Only to find out he's absolutely drowning in debt, his wife doesn't work, and he's one injury from having his entire kingdom collapse on itself. Sad.
Damn facades are too good these days
Unlikely for HR to be injured tho? Or for many injuries to impact the job?
Agree with the rest tho, I didn’t think the army paid real well
@@thomasa5619 Army pays HR so much cus theres so many violations lmao
@@thomasa5619 Even someone in HR can trip on a rock or get hit by a car.
@@Taladar2003 yeah I mean unlikely compared to for example, a tradesperson, warehouse worker, rifleman.
And tripping on a rock is less likely to interfere with a desk jockey than someone who does physical labour
The structure of these videos is way better than a show such as Dave Ramsay. Allowing these people to talk uninterrupted for a 20 minute video really shows the cognitive dissonance involved with these bad decisions. It’s mind boggling. Quality production and editing on these videos. I really think this channel will get a lot bigger. Keep these up!
I really appreciate it :) made my day!
Quality content. Frustrating cinematography. When framing someone in camera don't let the top of the frame cut across their head. We should be able to see their whole skull shape at least, preferably beyond their hair. Just some constructive criticism. Keep at it and good luck on 10,000!
Agreed! Long form is way more informative than what Ramsey does. What Ramsey is better at is the inspirational aspect though. Like I don’t think this guy is ever gonna sell his cars, or pay off his debt. It’s like he wants to be overwhelmed and paralyzed. The interviewer gave good advice but zero in the way of inspiration to actually follow the advice, instill hope and belief in the borrower that he can pay it off, or change his habits and his life.
@@johnpc14 The form definitely takes time to... form!
@@CalebHammer The guy said it at the end. He wants his story to be a cautionary tale to others. (If he had hope, he'd want the story of him overcoming is debt to inspire others!). The format is very entertaining and thought provoking. The horrifying financial situation makes me feel cathartically better about my own decisions and almost laugh about the (occasionally relatable) poor choices the guest has made.
Is this series supposed to be funny/cathartic? inspirational tough love? teaching a money management philosophy? I can't tell, but regardless it's fascinating to listen to normal people talk long form about their relationship with money and be pressed on it. Keep doing this series! I subbed and rang the bell :)
This man is drowning. His wife needs to get a job and have grandma watch the kids. They need to make a plan to get out of this mountain of debt.
Exactly
For real, 100K isn't much when it's split between a household of 7. Having one extra person bring in even 25K a year would be life-changing for them. They could pay off everything (except the cars) within two years by applying all of that second income to their debt, then they could suddenly invest 10s of thousands per year for kids' college and retirement. Another question is, does the MIL bring in any sort of pension, disability, social security, or any income? My #1 pet peeve about parents is when they use their children as their retirement plan. It just becomes a generational cycle of debt.
Exactly, they can’t afford for her to be a stay at home mom
Yeah, and they can just have the wife's income mostly go towards paying off debt and getting them out of the whole
His wife also needs to start learning and accounting for finances as well. If she is a stay at home mother, it’s part of her responsibility as the nurturer of the home to make sure the finances are in order.
My jaw dropped when he said he didn't know how much debt his wife has.
ugh yeah lol that hurt.
My jaw dropped when he said his wife was a SAHM and had separate finances.
If he’s paying for it every month he should be aware of every debt amount she has
@@2345678902345671 yeah...like how?
I was like huhhh confusion lol
I’m petty. When he said “try to convince my wife to sell her car” infuriated me. She doesn’t work. She doesn’t earn an income. Unless she’s gonna get a job to pay her car payment, he can’t afford to keep it.
When he said that, all I could think was that he had already made that fact obvious, he just hadn’t used the words yet.
Wife is a stay at home mother and the husband is the only income provider, but he has no clue about his wife’s finances. That’s pretty bizarre.
What seemed weird is that he said he paid off his student loans and his wife handles hers but she has no job… hate to break it to him but the student loans are not paid off
And you know she made him buy her a brand new $40k car
And there is a mother in law living there. Why doesnt the wife work while mother in law watches the kids
Simpin ain’t easy
@@austinreed7532 and no minivan! Haha. These moms gotta be fly
Despite how crazy his situation sounds, he's pretty normal. $102k sounds great but when you have a shit ton of kids, a wife who doesn't work, an in law who is pretty much another dependent, and a bunch of debt that's accruing interest everyday. That six figure income gets eaten up very easily.
@ArmyMF I agree. I support lower taxes.
I agree, my 3 children eats up my income
@ArmyMF Yup! 1/3 of my income goes to taxes. My goal, is always to save 1/3, spend 1/3, and taxes 1/3. But it's just crazy that the government gets as much money as I allocate for my family to spend.
Yeah $100K pre tax is not a lot for a family in the USA which is crazy to say
@@michaeldautry Yup. My income was about $90K when we had twins, and my wife took a couple years off work. It was a serious struggle to break even every month, especially with the hospital bills, special formula, diapers, etc.
Thankfully our only debt was the mortgage, so we were able to sustain it for a few years, but it was very tight! We cut everything out of the budget that wasn't absolutely essential.
Imagine your wife wants to be a loan officer and this is what your family's finances look like.
I know :((((
A lot of financial institutions do a credit check on perspective employees and absolutely won't hire anyone with a bad score as they see it as an employment liability.
@@darkpraxis would they check the spouse? Or just the person applying?
@@dynamichunter843 It probably depends on the position applied for and the company. Either way, they have to get a signed consent form from each person to do a soft pull on their credit history. So you'll know it's coming. But if you apply to a bank that you already have a line of credit with, they can at least look at your history with that account to help them make a determination of employment.
She wants to be a loan officer because she has very likely familiarized herself with one given their predicament
This is the prime example of why WHO you marry is important. I’m sure his wife is a great person but she is causing him to drown further in debt. Let Grandma watch the kids and she needs to go back to work AND learn how to budget. The audacity of her to want to stay home when she has debt is crazy! The entire point of a SAHM is to cut costs so the husband is free to earn more.
You can look at this man and tell he’s stressed to the max.
To be fair, she is trying to be a mortgage loan officer
@@esonon5210 a mortgage officer who is bad with money... she'll never get a good job with her SHOT credit that she has from not paying her unknown amount of student loans.
If she has student loans, why isn't she "trying to become ___" whatever her field of study was?... 😳
@@Antassium thats a good question. My guess is it was underwater basket weaving. I dont remember them talking about her credit.
And she won't let him sell the crazy expensive car that they absolutely do not need xD
I would never trust my mother or mother in law to watch our four children. Assuming family can watch that many children is highly non feesable for most people.
His smile while talking about you illustrating the crushing cycle of debt is pretty much ‘everything is fine’ meme.
hahah, that's why I had to add flames to the thumbnail
Yes 😨
I have watched every Caleb and I’m reaching way back to find anything. This video was painful because of his constant use of the word “so”. Very hard to believe he makes over 100K but can’t speak like a professional.
For being in HR for the army this dude knows nothing about the programs the military offers. There are programs to pay for his wife's school, student loans, etc.
Oh wow!
Exactly! I was thinking the same thing. Plus his children could potentially get free college tuition through the GI Bill the military offers
I know this is an older comment but I want to clarify a little bit on this.
All the Army programs in relation to paying for college are notoriously hard to use, they are (likely purposely) hard to get details on or getting into contact with the people who runs them.
Getting the Army to pay for your college as you go thru it is doable for the average joe but it's gonna be a major pain in the ass.
Furthermore, the Army does NOT have to pay for Student Debt you already have unless is specifically stated in your contract, even if it is that program is even harder to use and has extremely harsh timelines.
Also the only benefit that is transferable to your dependents is the GI Bill which likely would not cover the whole cost.
@@leanaemccarthy6913 well, one of them can. GI bill is good for 4 years of college total. He can spread out 1 year to each child, or do some sort of mix-and-match. But only 4 years total are free.
There are also programs to pay for all the continuing education he is doing. *if its on "DOD COOL"
I think his wife should've been there. She seems to be a huge culprit in accumulating this debt.
He needs to learn to tell his wife and kids no
Yep I bet.
@@reza2251 Andrew Tate teaches simps how to be men. But was cancelled by simps
Yes she should of, because it sounds like he hides it from her. She’s not on the account so she can’t see any of it, the cars are in his name, so once again she doesn’t see what’s owed. Sounds like he hides and controls their finances. He most likely wants to appear that they have it all but doesn’t want the reality that they’re not as well off as it seems. Especially judging by him being a 33 year old man in an American Eagle polo. Sketchy.
Seems like a pushover. Gotta get the wife and kids whatever they want even if we cannot afford it!!!
I love these videos, you should make like a 6 month follow up video with them. I would like to see if they keep there old habits.
Absolutely :) I really want to!
I’m only 15 but I’m starting to learn about finances - and this is a great example of what not to do!
wish I was watching stuff like this at 15... you'll definitely do well in life
Learn well, kid! It’s important to know these things ahead of time. 😎
oh yah. this guy is a walking fiscal dumpster fire. Good gawd in heaven...
Yeah. Most important lessons is not to finance purchases. You end up paying next to double for everything. It's important to have a saving account for emergencies, about 6 mo expenses, and a savings account for big expenses you replace like computers ,phones tablets, cars etc. The only thing to borrow money for is a home. Otherwise you dig yourself into a hole thats difficult to get out of.
You're already WAYYY ahead in life than a lot of mid-20's who didn't learn things like this. I am one of them, and have just been getting my finances in check for the past year.
I was never drowning in debt, but I was spending so much in things that didn't benefit me financially. Of all that money I spent, I could've used to spend my time building my assets at a younger age.
Why do I feel like the husband came on this show specifically to have a third party affirm to the wife how bad the situation is haha.
Mark my words this channel will have a million subs in 5-12 months! No body is doing it like you . Keep it up . And thank you for the content
OH WHOA, easy there hahahaha, let's not get CRAZY ;) jk, I am very grateful if your support! I'd love to hit 750-100k by years end.
Yaasss
@@CalebHammer If you do end up getting to the 1M subs and becoming rich via these videos. Please don't end up like Graham Stephan or other youtubers who level out of their base and get out of touch with an average person earning 5 figures
@@brpixels Dave Ramsey makes 9 figures and he hasn't "leveled out of" his subscriber base.
Caleb Hammer videos are so therapeutic and is making me want to save save save.
People love their new cars!! It would make me absolutely sick to pay over $1k a month for such a depreciating asset. Ouch!! Cool videos!!
Seems to be an American addiction
worse yet is they don't even buy good or reliable cars. almost all of people's financial issues stem from vehicles. they try to justify it with them having a warranty... do these people that warranty is costing them 20+ grand?
@@Azviman03 America's addition to the car! I need to make a video about it, research needs to be done!
There are a few cars that maintain value such as g wagons, Porsche gt3... Etc. Older cars as well such as an m3 or land cruiser.
I have bought and sold a lot of cars that maintained it's original value or made money, but key point is...
If you're in debt a car should be the last thing on your mind and list on things to buy.
@@djzaki these people are not finding the few vehicles that hold their value. if they bought most any 2-4k dollar vehicles they wouldn't lose much on them, just by the fact they are at the bottom of their depreciation and the most they would lose on them is the 2-4k. problem is, people don't know what a good car is, and then without the funds to actually purchase a vehicle they are at the mercy of a dealer that can/will finance them. So right there, their options are very limited. Resulting in some high interest loan on a vehicle they overpaid for. They will likely be upside on the vehicle through its life and beyond that they will have to roll it into the next auto loan they get. These audits have shown that people can't, or maybe better said, refuse to look 6-12 months, and in some case even 3 months down the road. small sacrifice for a few months would allow them to actually purchase a vehicle outright and avoid all the problems
He should sell the rental as well. He’s not cash flowing it and it’s just a liability at this point.
Yeah, probably should.
Was going to say the exact same thing. With the housing market he could walk away clean.
He might even make money and be able to pay off some of their debt!
Hell no, that’s what he should never get rid of. What he should do is kick out those tenants and live there for free. He already owns it. Or at least raise their rent so he can start to make money off of it
@@551223 He wouldn’t be living there for free… he has a mortgage on it. He already said the house doesn’t work for his situation. Unless he can raise the rent and cash flow the property there is no reason to keep it.
Honestly don’t get why the wife wasn’t present. She’s just as much a part of his situation than his own mistakes.
Becuase in her eyes it's his role to provide 100% for her and her family. I'm betting if they had an extra bedroom she'd move a brother or another member in
She is driving better car than he is. I bet she is spending all those money and that guy just paying debt
@@Max-us5xl Exactly.
man this hurts to watch. You can buy a car with very low mileage car that's a few years old for literally half the price. Buying new cars is such a massive financial mistake
Couldn't have a said it better
never had a car payment
My wife listens to your show every night before bed, I’m familiar with your voice but this episode caught my attention!! As a former Senior NCO (retired), enlisted soldiers in the same situation are sent to a financial assistance class to help them become aware of their worth as a soldier and to provide assistance in restructuring their finances. It IS geared towards helping them become financial savvy by professionals and getting back on their feet. I know there’s a stigma around this because bad credit and financial insecurity affects careers, security clearances, promotion potential and monthly/annual evaluations. I’m assuming this guy is relatively young and new in his career, NOW would be the time to get him into those services. He definitely needs it and would qualify. Do it now before the sinkhole possibly gets bigger and another good solder falls prey to bad financing! Advise: don’t wait. Listen to what this kid tells you, even if it hurts do it Trooper.
An important point that was missed is why is the wife not working? If the mother in law is living with them than she can look after the kids while his wife goes to work. There are plenty of remote jobs that she could do from home or even a part time job would help with the car payments
Exactly! The mother in law is a great asset b/c they don't have to pay for daycare. That's her job in exchange for living with the family for free and not contributing monetarily. The wife at least needs to get a part time job. Work at the PX on post or Walmart, or do something remote. This dude and his wife... SMH 😂
Family Members are not automatically reliable or safe to watch kids. Especially if they are elderly. We also have a family of six, and none of the grandparents would be able to watch all four kids alone every day.
@@BPMEmmelia some of the kids should be in school and after a certain point it’s more about managing them than having to do back breaking labor. Also the wife could work part time and/or do a remote job.
@@edgardiaz3669 'at a certain point'.... He didn't say the age of the kids though, so we have no idea. I'm a family of six too, there's zero chance our 65+ grandparents could watch the kids all day, even if they were older and daycare would be literally THOUSANDS of dollars a month if I went to work now.
@@BPMEmmelia I believe he mentioned having four or 5 kids so it’s highly unlikely that at least one or two aren’t already in school age. As I said, the wife can at least work part time or remote if the mother in law can’t take care of the kids fully.
I live below my means and whenever I have the urge to up my lifestyle, these videos give me enough anxiety to stay where I am. I hope he can control his spending and dig himself out of this hole.
Anxiety is a motivation. It is not a good motivator.
Lol that’s why I watch them
I love hearing people justify their car purchases with words like safety and reliability. There is a safe and reliable car for everybody out there for 10k everywhere.
EXACTLY
While I agree he could've definitely found something cheaper, I will say move that 10k to more like 15k these days. As someone who's been shopping for a while now, 10k is not a reasonable number for someone with a big family. CarMax has 6 cars total, across its entire online inventory, for 10k. And none of those cars fit more than 4. Carvana has 8 cars total at 10k or less. Inflation is real, gotta shift the numbers.
Yep. Only people that don't know anything about cars.
Clearly you haven't purchased a vehicle in awhile. While it's getting better as of now at most dealerships the price of used cars almost exactly the same as buying new.
Hmm do I want a sentra with 30,000 miles for $20,000 or a brand new sentra with 10 miles on it for $25,000 hardly a huge savings.
The only vehicle I ever saw sold for 10,000 as of 2021 (haven't worked their in awhile) was a 2009 Chevy with over 100,000 miles on it.
I wouldn't call that reliable.
@@oshkoshbegone Unless you want someone's 1997 ranger with 400,000 miles in it then you'll have to spend more than $10,000
As a 22-year-old making over $75,000 a year and having little to no bills, my dream car has always been a BMW M2 and I've been very tempted recently to purchase one. These videos remind me of how a stupid decision made in your youth can affect you for the rest of your life.
This is the right choice. Someday you may be able to afford the car, but it should always be something that is a small percentage of your income.
Lol living with parents still I'd get it if you don't plan to move out in the next 4-6 years.
Put a good amount down a get reasonable payments.
Enjoy your 20's and still save.
Retirement is real but so is wasting the prime of your life anxious for the inevitable.
I make just over you and you know what? My 10 year old Kia soule paid off early many years ago still runs. Ac in it and stereo still works. No payments and cash savings👍. I do plan to get a newer car soon in a few years after my credit score is above 800 and a get a house with $30000 cash down payment
At 25 you'll have a new dream car, that is the trap
Do it. You can afford it
Did I hear this right? He’s got a “rental property” that brings in less rent than his mortgage? Insane.
Not really, if the housing market ever comes back to earth that would be what you would see more often
@@bryan.flores no, that’s bullshit. People do not buy rental property to lose money.
Still only paying $50 per month for a $1,850 mortgage and building equity.
If he bought the rental property for $20k
And 10yrs later it’s worth $200k
Mite be a great investment
@@PInk77W1 I don’t think he paid 20k if the monthly payment is $1850 😳 I paid 170k and mine is $550.
This one really hurt to watch. As someone who lives in TX with the same income they could be doing alot better if they just followed a budget and learned to save before buying with debt.
Right?! If everything wasn't financed, they would be doing so well...
I almost fell into this after college financing everything and at first it looks easy just $50 here $100 there $300 over there. But these things can add up quickly and can spiral out of control. Sometimes sitting down and putting everything in front of yourself can be a challenge but if done right with a plan you can dig yourself out of these debt pits.
Love the show 💪
Thank you so much! I'm glad you didn't fall into the traps!
He sounded open to change which is great, and having a supportive partner is super important. He can’t tackle it alone.
Exactly! I just hope they are on the same page and make the changes needed.
The supportive parther will refuse to trade her debt jugernaught for one that is 5 years older. What would the neighbours think if she did?
@@MrTuxy yeah it didn’t look like he was willing to part with the new cars.
@@circle11111 it's a running theme in these videos. It must be some kind of social pressure to own a more expensive car than your peers.
This channel, specifically these Financial Audit videos, need to shoved in every 20-something year olds face. The breakdowns of the finances of regular, everyday people is an amazing eye-opener.
Thank you so much, Gabe!!
I think it needs to be shoved in everyone's face. There are dumb 40 year olds too.
I’m 19 with 2k debt and I feel like I’m dying , I can’t believe this guy . This Channel is setting me up for success
Don’t fall for the trap! Just paid off 300k of debt since April, only 44k left, being our Mercedes-Benz.
2k isnt the end, just be consistent and pay it off. My credit card debt jumped from 4000 to 10000 over the last year and a half for various reasons that I wont get into. I'm slowly paying it off now and trying to have it at $0 by spring/summer next year. Don't be like me and let the balance spiral out of control. 😟
Try asking your parents for a loan that you can pay back with no interest.
He doesn't sound willing to compromise on anything
@@machinesnmetal True actually
This is insane. His family is just chilling at home while this guy's drowning. Wife and grandma need to help.wife needs a job grandma can watch the kid.
No she will be mad at him and resent him if she has to work because he can't manage his money
I've heard so many of these calls on dave ramsey. Stay at home mom and drowning in debt. His wife needs to work.
Dear God, what's with everyone just trying to make it like some 50's sitcom with their nuclear family setups? The economy is not that good for one guy to support a family of 4 unless he's got some crazy good job.
@@bh4462 ask any girl on Bumble and Tinder lol. Even 1 million is not enough if she is a 5 lmao. 2 mil is required and owner of 2 companies just to find love. Redicilous
My guy might need to finance a couple more “how money works” courses 😂
hahaha
😭💀
Hes looking for a solution to his woes, which is commendable and a lot more than most people who come here. If anyone is capable to turn things around is most likely him.
He needs to get a refund in that “How Money Works” course 😳
haha
I love how the video walks thru almost all the bills. It makes it relatable and keeps me Intrigued. Very helpful.
Thank you, Chase :)
I’ve never been that good with finances tbh, but I’m at a place in life where I want/need to make this a priority in my life. This show has inspired and educated me so much. Thank you!
I have to say this really puts my spending into perspective. I don’t make an excess amount of money, but seeing people who make more money than me in the same position as me is really eye opening.
In trying to get out of the small debt I’ve accrued, I’ve been looking to personal finance channels like this one for guidance. I’ve heard mention of lifestyle creep which is basically as I know it, that when you make more money you spend more money. I still spend a little money here and there on unnecessary items but if I made more money I’m sure that expenditure would increase.
With channels like yours exposing the pitfalls in many peoples personal finances it makes me very weary of it happening to me. Thank you for encouraging me to stay out of debt.
First video I seen, subbed immediately.
I love how honest these videos are, everyone on social media want to paint a picture of a perfect life where they're rich, but in reality people are barely making it.
True!
I love the honesty too. It's time we talked about money.
I am shocked to see you’re at 22K subscribers. The production is very professional. I feel like you’re going to get really big soon!
I really appreciate it!
I can't imagine swinging all this debt as the only breadwinner in the house with a family. I'd be loosing my hair.
Yeah :(((( same
He is lol
Hes not the bread winner. He's just the bread.
He is losing his hair
I think the losing of the hair was the OP’s point lol
I find this very interesting and engaging, perhaps I'll mimic the same process for myself and roommates! Keep it up, I'll be here for every episode!
haha let me know how that goes!
underrated and undervalued content. Love this!!!!!!!!!!!!!!!!!!
Thank you so much, Joven!
I love the wuality boost this channel has had in the last year. This music over the conversation is absolutely atrocious but i love the content and im glad he keeps growing.
Watching these videos make me feel so much better about my financial situation omg…
For sure :) everyone is in a different place!
Good luck to this guy love his chill vibe 😂
lol yeah
One thing I'd definitely recommend since I am sure food is definitely a big expense for the family that really helped me when I was trying to see just how little I could live on and still be entirely comfortable.... no eating out, ever, no delivery, cook each and every single meal, take a bag/lunchbox to work and such, and when grocery shopping, never purchase anything which is not on sale. Trust me, whatever product you need, there is a brand of it that is on sale. If not this week, then next week. There's just no point to buying things that aren't on sale at the grocery store. You have to face the fact that even though in your head "I make good money, I should be able to get whatever I want", that is not reality.
I loved this! One thing you should include when talking about credit cards is their annual fees for people who have cards with them. That Amex has a $700 fee which just adds to his current balance and he should definitely consider closing that card because of it….
OH WOW, yeah, very good call out!!
AMEX Platinum is free for Active Duty Service Members
@@rinosrr cards give you perks so sometimes it'd worth it to have them even if they have a fee. With his at $0 it's more worth it to keep card for its perk if using them.
I love this channel, all the financial schadenfreude of watching Dave Ramsey without having to watch Dave Ramsey.
hahaha thank you so much!
omg, this! Same!
@@lidiyam7950 Thank you so much 🙂
I love Dave, but he does some weird stuff. Firing someone for being pregnant without being married.
I’m a Christian, I’m pretty sure God is
For the down and out.
@@PInk77W1I bet you support firing people for “racism” though
I love this series keep it up your gonna blow up one day
Thank you!! I appreciate that :)
Keep it up. I enjoy these episodes
Thank you so much! I can't wait to keep making more!
The videos are great and entertaining to watch. I would like to see the interest rates and balances of all the debts on future episodes if that is possible. Keep it up!
Thanks you for putting your self through this and allowing us to learn from it.
Loving the videos. I think the music in the background during the discussions is unnecessary but I love the content so far. Keep it up!
No music in them going forward :)
idk wtf this channel is or why I got suggested this but it was really well put togethor, good job, only 30k views, 11k subs, high quality VERY well formatted video. Kept me interested entirely, you are very nice to watch!
Thank you so much, Chris :)
I just stumbled across this channel on my suggested feed, and I look forward to seeing more of your content.
I'm an actual financial advisor representative. I've got my certifications and what not, and I always wanted to start a channel that created content like this, but I never got the the point where I felt I was ready to start. Congratulations on getting past that point!
There are a few things I'm going to recommend for future videos.
I would try to give the guest a bit more head room, and maybe a little banner on the bottom right side that says their name, and maybe some relevant information like age, what they do for work, and income.
I felt like the video got a little repetitive after a while. As much as I liked it, I think you might have trouble keeping the attention of your audience with your current structure. You might be able to get around this by addressing some of the similar points all at at once. For example rather than going from one high budget item to the next start with reviewing the guests over all budget. This would allow you to put the whole budget on the screen, making it easier for the viewer to follow along and see exactly how much of the members budget is going were.
My favorite question you asked was if the guest knew how much they were paying to something. I think it would be cool if you: started the episode with introducing the guest, like you did, ask them how they feel about their financial situation and what they are hoping to improve/why they are talking with you about their finances.
From there you might ask them what they think their budget is like. Where do they think the majority of their income is going/how much do they think is going to things big line items like mortgage, cars, debt repayment, food, entertainment, and other.
After getting an idea of how much of their budget they think is going to what things, go through their last month like you did, but do it like you were making a budget of the previous month rather than just reviewing. Of course you have the benefit of know what expenses really came up that month, but the goal is to compare how the guess thinks their budget looks to how it really looks.
Once the real expenses are sorted, then it would be a good time to ask questions about those expenses, like why are they paying so much in car payments, why are they paying a mortgage and rent?
From there I would point out some of the biggest concerns about their finances, explain why they are concerning, then make a plan to address them. Part of that plan should be a timeline, so it would be nice to have a first I would do, x, this would do y, allowing us to do z, so that in x amount of time, you can be in y financial position.
So to recap, the episode would look like:
Into, their thoughts about their finances, where do they think their money is going, where is it really going, what are their thoughts about where it's really going, what are some of your biggest concerns, what's the plan to fix it, and why/how are they going to do it?
Sorry for the long comment that might come off as me telling you what to do. I like your content, and home to see more in the future!
Loving your content! Found you on tiktok and excited to watch full length videos.
Thank you so much! Very happy to have you here :)
Excellent video I will be following to further my financial literacy while also being entertained.
Thank you!!
Man they just keep on getting better! Keep it upppp
Thank you so much! Will do :)
Dude I only found your channel 3 weeks ago. You were at 194k. Now you are at 204k. THATS SO AMAZING AND YOU DEFINITELY DESERVE IT!!!
Great show Caleb; I wish I had come up with this. Thanks for giving us a look into these peoples' finances. I knew these people were out there but this is crazy!
Having 4 kids and yet not being able to afford a $500 expense must be terrifying
Loving this series. One nit-pick: Something seems off about the two camera angles switching back and forth. It seems like you aren't sitting in the same room. Keep it up!
Ah, I get that!!
Kudos to him for letting us look into his life and learn from it.
He kept saying "we only have one income". Yes, but your one income is higher than a lot of people's combined income. The number of checks doesn't matter, the number ON the checks does
Exactly!
Honestly after taxes he's only making $80G's and is swamped in debt and supporting a family of 7. His wife needs to get a job and let Nana watch the kids.. well at least up until they pay off all there debts. Then she can go back to being a SAHM.
Dave Ramsey would have a stroke Caleb has a strong heart to listen to this craziness. financing kids iPad is beyond imagination. he just loves bills at this point
Just found your channel, great content.
New subscriber keep these real life budget videos coming.
Thank you so much :)
Very educational, it makes me think about my own finances. Love your videos.
I'm glad you don't do music the whole time anymore. Thank you for that.
keep up the good work Caleb! You doing what finance was made for to keep people out of trouble. :D
Thanks!! And thanks for the sub!!
I'm enjoying this financial audit series! Subscribed!
Thank you so much!! Looks like I was able to get the "Yes" of "YesNo Maybe" :) haha thank you!
@@CalebHammer Not a problem haha. Thanks for replying!
Interesting take on these topics. Have you considered giving viewers an overview / highlights of the guests scenario earlier in the video? I’ve started 3 or so episodes, however the front end information can get a little dry. I would love to hear something unique about the stories, your takeaways, key actions etc near the introduction.
I’m a few minutes into this, not locked in to the story and will be onto the next video soon. I’ll keep checking in, the work you are doing is awesome!!
Wow. I can't relate to any of this. I only make 16.50 an hour, for only 37.5 hours a week, and I have over 20,000 in savings, and a few thousand in checking (2 accounts). I happen to:
Live in public housing
Make my own breakfast and lunch to take to work
Walk a mile to work
Usually only drive once a week, to run errands, all at once
Have bought my miinivan for $500, and repair it when needed
Buy my clothing used from Goodwill, eBay, etc
Buy used items from Facebook Marketplace, eBay, Craiglist, etc,
Not go out clubbing and racking up a 100+ dollar drink tab
Frequently sell what I don't want any more on eBay, Facebook Marketplace, etc
Honestly man. You’re like the Dave Ramsey of our younger generation. Really enjoying your videos and advice.
The fact he was saying use the Amex but pay it off, speaks volumes over Dave!!
He's not a smug hypocrite like Dave Ramsey either!
It blows my mind people pay interest and just smile.. 18%? I’d be freaking out. I could never enjoy anything bought on credit. I’d look at it and just think “18%”.
Stay at home mom and working husband. They only need 1 car. She can drive him to work and pick him up. Or second car can be a beater - reliability isn’t as essential as with 1 car/1 person households, where there’s no alternative (besides paying for Lyft/Uber) if the car breaks down.
I only make about $22k / year after taxes, have a mortgage I share with my family and, don't try, but DO save at least enough to invest the $6000 into my Roth IRA every year. That's my one goal and nothing is going to get in the way of that.
I love this concept!
Thank you!
I am an Army Officer as well. Its interesting seeing our debt and income is on a simiar level. I also finance almost everything and use AMEX as well. Interesting seeing this video and learning from a peer
Oh no :(( I'm sorry to hear that! It's hard to turn it around, but you can do it, Kevin!
I thought it was enlisted guys who had bad money habits, surprised to see officers do it too.
Love the video! The music could be a bit quieter though. Keep up the good work!
THANK YOU for the feedback!! Truly. I've been curious about the music myself, as it sounds different on every device. I have not heard any feedback around it yet ,so thank you!!
I feel like he keeps trying to justify his bad habits instead of taking ownership of his mistakes. I think the biggest thing he could do is realize he is the problem.
Yeah :///
@@CalebHammer big fan, I’m kind of surprised you reply with judgement. Your demeanor in the videos seems more professional. I mean no offense.
I love these videos. Someday I hope you eventually find someone who is responsible with their money
Thank you so much! And you’ve got this!
youre like a cross between dave ramsey and graham stephen. this channel will blow up
These videos are so tough to watch! Your patience is impressive. One thing I noticed in this video was your reaction to the minimum payment on the Amex platinum. The platinum is a charge card (not a credit card), so the entire balance is due every month aside from anything the account holder has activated pay over time on. And, you can see that on the statement you showed - the adjusted balance has a subscript describing this (at 12:18).
Yeah, I missed that!
Watching these things makes me so much aware of my own bad habits. Which may not be anywhere near what is in the video, but there are always ways in which we can be smarter about how we spend (or better, not spend) our income.
Glad you stopped the music in the background in later vids
Dude he NEEDS to sell his wife car and should honestly sell both. I get the feeling that his wife, and to an extent him, really like the lifestyle they project of having new cars and such but I have seen a lot of military families really eating up too much of their income in cars. Just get a 2016 car for like a quarter of the price. It’s gas mileage will be about the same and it’ll have the same space. Very frustrating to watch, I HOPE he and his wife are on the same page.
Both needs to be sold ASAP
I hate to say it but your not going to find a 3 row SUV for less than 25k now days even a 2015, used car prices are crazy.
@@davidclay3737 we just got a 2018 Ford Flex, 3rd row SUV and you can go older for around 15k, ours was about 30 out the door due to negative equity from previous vehicles
@@sk8timeforh8ers A 2015 Ford Flex with 136k miles is about 16k where I live. We got a 2022 Hyundai Palisade for 39k out the door. I traded my paid off 2018 van in and financed 21.8k. My insurance went down 400 a year. My Palisade is worth more now with 9k miles on it than new.
To me, the music makes no difference though I might actually prefer it without the music. Great advice. Love your videos. Been binging since I found you under a week ago.
Subscribed! I most enjoy the ones with people over 30, who have had some life issues crop up!
You should put the number on the screen you speak about with some kind of graphic makes the numbers a lot easier to digest for simplicity which =more views!
I know he’s putting up statements but I’m more so talking about when they talk numbers and actually consolidating the debt.
I liked that idea! I'll start look into it for next weeks episode!
I've been binging your channel and thinking the same thing! Might also be cool to see a pie chart for different categories of spending. Mortgage, food, interest, etc.
@@bemorton Yeah, I'm gunna have to figure out how to make that within videos 😅
@@CalebHammer I do editing and motion graphics for work. Lmk if you have any questions or wanna talk stuff through. Love the channel. Know you're gonna be huge!
I feel for this guy, he seems to be on the end of his hair falling out with all his responsibilities.
As a military officer, he has to know that his credit score is going to be a huge factor on getting other military assignments, especially when it involves background checks and credit history. Also as military he could have transferred educational benefits to his kids, so he may not even have to pay out of pocket for college.
I think the most encouraging things about videos like this is they show just how easy it is to win with money when you simply stop doing things without first thinking them through. I know people love to talk about how hard life is and how it's unfair and what not. But when I see videos like this I'm just like you know what, its not that hard. Get a job you don't hate, go to work and consistently spend less than what you make.
I learned my lesson about financing and over using credit from my parents during the 2008 crisis.
I do have a little bit of debt incurred but it's under $1,000 and everything I buy I buy with money that I have.
I know I need to build credit eventually but right now it seems a little too chaotic to use credit.
Hopefully that $1k is done soon!
Haha the second he mentioned safety features and warranty I know for a fact a car salesman talk to him , and he was convinced
the little edits like the hat on "y'alls" are so good 💀
🤣🤣
Nice to see you helping someone who is actually self-aware and not a smooth-brain kid.
Omg i love your channel so much!!! Thank you for the content!
And thank you so much for your support, Moises!!
I pay $50 a month for insurance and put away $25 a month for repairs for my 2005 suburban. It helps that I do the labor myself, but I can’t imagine buying a new car. It’s such a predatory loan. Reckless auto loans are going to cause the next recession
That's awesome! What an example!
Caleb, can you please do some videos of you revisiting with the people that have consulted with you? And see if they followed your advice or see how they’re finances are coming along after the consult?
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