He Just Sucks… | Financial Audit

Summary

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Podcast Summary: "He Just Sucks..." | Financial Audit (with Caleb Hammer & Zach, Aug 27, 2025)

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Episode Overview

This episode of Financial Audit features Zach, a 25-year-old contract specialist from Dayton, Ohio, undergoing a deep-dive financial grilling with host Caleb Hammer. The main theme is a brutally honest audit of Zach's personal finances, shedding light on the compounding effects of gambling, overspending, life transitions, and avoidance, especially as a young, single father. The conversation is candid, raw, and peppered with both humor and tough love, as Caleb pulls no punches in diagnosing and confronting Zach’s financial dysfunction.

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Key Discussion Points & Insights

1. Background and Setting the Stage

• Zach is a 25-year-old single father earning about $93,000/year, or roughly $4,500/month after taxes. He lives in a house he bought with his ex-partner (with whom he shares a four-year-old son) and now has a cousin as a roommate to help with bills.
• The episode opens with an exploration of Zach's family relationships and living situations, ultimately revealing that his ex left a few months after they bought the house together, contributing to Zach’s current financial stress—but not fully excusing it.
  • "We had fought for a majority of the relationship, back and forth and didn't really get along all that well." (02:22, Zach)
  • "So why were you together for five years then? Why'd you get a house with someone you're fighting?" (02:31, Caleb)

2. The Financial Mess: How It Happened

• Zach confesses to a history of financial mismanagement, including stretched credit cards, a down payment assistance mortgage at a high rate, and habitually living above his means.
• Both partners were already carrying credit card debt when buying the house, and Zach admits to not having sold the property or downsized after the breakup. Instead, he stayed—rationalizing his attachment and reluctance to change.
  • "I probably should have sold the house..." (05:35, Zach)
  • "You were above the median household income in the United States. Shut the up. I feel like this spoiled." (54:42, Caleb)

3. Gambling as Vice & Recurring Pattern

• Caleb confronts Zach, and it’s revealed that beyond golf, Zach's core vice is gambling. Whether poker, casinos, or even online streams, gambling is a constant—and expensive—habit. He admits to losing "at least $500–$600 a month."
  • "What is your problem? You only have him for half the time." (10:02, Caleb)
  • "It's one of the only things I like to do. Gambling and playing golf." (08:06, Zach)
• The gambling is minimizing any progress: even financial windfalls are wasted, and pulling from retirement only fuels the cycle further.
  • "650 of it [from the TSP loan] to the casino." (75:26, Zach)

4. Justifications, Deflection, and Denial

• Zach repeatedly blames his ex-partner or circumstances, but when pressed—especially during a live call with his ex—it becomes clear his choices are his own.
  • (Live call with ex, 34:08–37:13):
    • "He just keeps blaming everything on you... It's all her fault. No! So that's definitely not the case." (34:08–34:43, Caleb)
    • "He had an option to leave me the house... I started my life over completely from scratch." (34:43–35:26, Ex-partner)

5. Avoidance and Magical Thinking

• Multiple failed “rescue” maneuvers: Zach took out loans from his 401(k), transferred balances, consolidated, and hired a financial advisor (without disclosing the gambling). Each move is undercut by unchanged habits.
  • "I withdrew all I could from my 401k." (16:47, Zach)
  • "Without changing any behavior... you're just going to build back up if you don't fix your behavior first." (18:12–18:23, Caleb)
• Despite enormous credit card balances amassing interest (several cards, many approaching or exceeding $5,000), Zach keeps spending and holds out hope that a gambling win (possibly on a planned Vegas trip) will "solve" his problems.
  • "I may or may not be going to Vegas in September." (22:51, Zach)
  • "That's the literal villain to your entire story." (22:49, Caleb)

6. Behavior Patterns and Lifestyle Inflation

• Zach regularly spends $1,000+ per year on interest per credit card, has no college fund for his son, and is draining his own retirement for minimum debt relief while rationalizing continued discretionary spending (golf, gambling, gadgets, and costly eating habits).
  • "It's a $200 minimum payment, which is chunky. Add that to your mortgage, the cousin ever wants to leave..." (29:36, Caleb)
  • "You spent 2,000 hours more than you made. That doesn't make sense." (50:38, Caleb)

7. Health and Personal Well-being

• The episode regularly pivots to concerns about Zach's health—his physical condition, diet, and how his choices as a parent set an example and carry consequences.
  • "People, we, you know, the community and I... dove a lot into health statistics... which you're in the morbidly obese world, I'm barely in the obese world... they die in their 30s and 40s. You want to be around for the kid..." (15:11–15:47, Caleb)
  • "I've lost 10 pounds this month. I've golfed probably five times... but I can do golf to be less fat." (50:24–50:38, Zach)

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Notable Quotes & Memorable Moments

• On Blame & Responsibility:
  • "All you're doing this entire conversation is deflecting onto her." (37:39, Caleb)
  • "His parents are separated... He can't see the the finances. He can't see the... Yes, he's four years old. He will see the stress." (81:27, Caleb)
• On Gambling & Addictive Behavior:
  • "It was almost like gambling in a way because I got to spin the wheel..." (70:16, Zach) [on buying Pokémon cards from a live stream]
  • "If that isn't the biggest wake up call, I don't know what the is." (76:50, Caleb)
• On Magical Thinking & “Winning Big”:
  • "The idea is that I win and that I can pay off some of these cards." (19:49, Zach)
  • "That idea has completely failed, so shut the up." (19:52, Caleb)
  • "Maybe one of these times I'll win and be able to pay for the whole entire college fund and more." (65:02, Zach)
• On Financial Denial:
  • "You do nothing. You're a father." (13:35, Caleb)
  • "Three cards spent on you... put your retirement fund to are being spent on their small purchases recently... They will add up to a maxed out credit card." (64:22–64:39, Caleb)
• On Health & Quality of Life:
  • "You want to be around for the kid." (15:47, Caleb)

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Important Timestamps

• Background and Living Situation: 00:51–06:50
• Admission of Gambling & Hobbies: 08:06–10:06
• Financial Details—Credit Cards, Mortgage, Debt: 11:58–15:06
• Withdrawing Retirement, Hiring Financial Advisor: 16:47–18:23
• Gambling Amounts, Denial of Addiction: 13:24–14:48
• Vegas Trip Plans—Avoidance and Magical Thinking: 22:49–24:22
• Live Call with Ex-Partner (Confronting Blame): 34:08–37:13
• Card-by-Card Breakdown of Debt: 28:30–69:48
• Gambling as Recurring Justification: 49:54–55:01
• Loan Against 401(k) & Job Loss Risk: 72:01–75:07
• Budget Attempt & Bankruptcy Discussion: 88:23–91:46
• Episode Summary & Caleb's Assessment: 91:46–end

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Flow & Tone

• The tone is direct, combative, and laced with humor—Caleb balances tough love with biting sarcasm and moments of genuine care, especially when discussing the impact on Zach’s child and long-term quality of life.
• Zach fluctuates between humor, denial, rationalization, and brief moments of self-awareness, but rarely demonstrates readiness for change.

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Conclusion & Caleb’s Final Recommendations

• Caleb’s Judgment: Zach’s problem is behavioral—not mathematical. No plan, transfer, advisor, or windfall will save him without fundamental changes.
  • "Change your behavior for three months, prove you've actually done it, then declare bankruptcy. That's probably your best way out." (90:37, Caleb)
• Key Takeaway: Facing brutal truths matters. No shortcuts, no magic wins—the only path to financial freedom starts with honest self-examination and action.

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In a Nutshell

Zach’s story is a cautionary tale about the power of avoidance, denial, and self-sabotage (especially through addictive behaviors like gambling) to unravel even a solid income. Caleb’s tough approach lays bare the hard choices facing millennials in debt, especially parents. The episode’s recurring gut-punches, live confrontations, and raw admissions make it both highly educational and engaging for anyone seeking financial clarity—or a wake-up call of their own.

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Transcript

[A]

To watch episodes of Financial Audit a week earlier. Check us out on YouTube. You've been gambling since forever, right?

[B]

Depends on if you're talking about gambling with golf or gambling at the casino or gambling playing poker.

[A]

You have a kid?

[B]

Yeah.

[A]

Or his mother.

[B]

She's not in the picture.

[A]

Call her.

[B]

She has no idea about this?

[A]

Nope. Hello? He just keeps blaming everything on you. He's like, oh, she left and I have to make all the payments and I had to take up more debt. It's all her fault.

[B]

No.

[A]

So that's definitely not the case. Bundle all of my educational programs I've ever made, plus the premium version of my budgeting app for not only 80% off, but also with a free trial [e-mail], join the tens of thousands of people who've changed their lives and join Dollar Wise Central right now for free.

[B]

My name is Zach. I'm from Dayton, Ohio. I'm 25 and this is Financial Audit.

[A]

Thanks for coming down to Austin, man. What do you do up in Dayton for a living?

[B]

I am a contract specialist. So I typ type contracts, write them out and review them and whatnot.

[A]

Oh, okay. But it is a full time job, not a contractor.

[B]

100%. 40 hours a week.

[A]

Good. What are you making?

[B]

The salary is about 93,000 in Dayton?

[A]

Yeah, I mean, that has to stretch, honestly, pretty deliciously far. What hits your account on a monthly basis?

[B]

So let's see. About 22, 30 per paycheck, so like roughly 45 per month. 4,500.

[A]

Okay. So just you?

[B]

It's me and my son together.

[A]

Oh, a kid? You have a kid?

[B]

Yeah.

[A]

Holds your kid?

[B]

He's about to turn four here in September.

[A]

Or his mother.

[B]

That's partially why I'm in this mess that you have in front of you. She's not in the picture with me anymore.

[A]

Oh. Well, how's that a part of the. Well, okay, what's the part of the mess then? What. What are we dealing with? What are we. What's the mess?

[B]

Well, we were together for about five years and then decided to buy a house together before we had gotten married.

[A]

You're together for five years? So marriage looks on the horizon? Listen, it's not necessarily what I'd advise, but I at least understand it. Okay.

[B]

It was 100 on the horizon, and in my mind it was probably going to happen within a year after purchasing the house.

[A]

Well, I mean, you're able to propose whenever you want, big guy.

[B]

Yeah.

[A]

Kind of let you in on a secret there.

[B]

Yeah, I know. To be Honest. We. We had fought for a majority of the relationship, back and forth and didn't really get along all that well.

[A]

Why. Why were you together for five years then? Why'd you get a house with someone you're fighting? What were you guys fighting about?

[B]

Just stupid. We just did not get along. We didn't feel compatible at the time. It's.

[A]

But you stay together for five years?

[B]

We had a kid, man. Like it's different.

[A]

Oh yeah? How long into the relationship did you guys have a kid?

[B]

So the kid's four right now and it was. He was born in 21, so we were.

[A]

But how long were you guys together at that point? Cuz I don't know. When you guys split?

[B]

We were together for like three years, then had the kid and so why.

[A]

Are we together for three years? And why'd you like that to get a kid?

[B]

Well, she got the birth control taken out and old. No, she. She told me.

[A]

Oh, then why. Okay, why are you setting it up like that?

[B]

Well, because that's the way it happened. I. Well, I wasn't all that surprised that a kid came. She seemed to be somewhat surprised. I. I don't. I'm not sure how, but it just happened, man.

[A]

Why were you guys together for three years before the kid if you guys were just endlessly fighting and dying and hating each other?

[B]

It wasn't bad all the time, you know.

[A]

That's what you're framing it as.

[B]

Yeah, it did honestly feel kind of that bad at the time, this guy.

[A]

Okay. Yeah, yeah. What?

[B]

She just left, man. Once we got.

[A]

She left. She decided to just leave?

[B]

Yeah.

[A]

So you got the house? When did you get the house?

[B]

August 23rd.

[A]

Cool. When did she leave?

[B]

January of 24. Four months.

[A]

Okay, so it wasn't immediately, but I.

[B]

Did four months later. Yeah, it was immediately.

[A]

Yeah, she.

[B]

Yeah, she paid for half of the mortgage for 4. 4 months and then let. I left.

[A]

Okay, and what was the leaving? Did she just like run away? Was it a storm off? What happened?

[B]

She told me, she. She brought it up like in December that she wasn't feeling us anymore. She wasn't feeling it. And this was two months after we bought the house or whatever. A few months after, yeah.

[A]

And the kid was like three. Two. Two.

[B]

Yeah, two. And she thought the grass may be greener on the other side, man. She just loves.

[A]

But it could be, but I don't.

[B]

Know, to be honest. She. A couple. Few months ago tried to come back stands. No.

[A]

Why mother of your kid? It was.

[B]

This was like a year and A half later. Well, yes, mother.

[A]

That is how time works.

[B]

That was. That was why I contemplated it for.

[A]

So why'd you turn it down? Are you struggling to live on your own? I mean, 4, 500amonth? I mean again, for day and. Not bad, but you went into a house with a dual income household situation.

[B]

Yeah. So now that she said this. After my cousin had moved in to the house, so he paid.

[A]

So a cousin's a roommate.

[B]

He pays me. Yes. He's my.

[A]

Okay, well, that's fine. But a cousin, that. So it's you, your cousin, your kid.

[B]

Correct. Yeah. Okay, so cousin also has a daughter who lives there about half the time.

[A]

How big is this house?

[B]

It's four bedroom, one and a half bath, two stories.

[A]

Okay. Okay. So what's going on, big guy? What are we talking about?

[B]

I probably should have sold the house. I. It was. We'd already. Already moved in. I. Yeah, we paid movers to move. Move us in and I, I just stayed. I just. She agreed to leave and I just stayed and said I'd make sure the bills got paid and they did. But the credit cards.

[A]

Why do you sound like you're from Texas but you live in Ohio?

[B]

That's. That's, that's what they've asked me. I get that.

[A]

Put in your address a lot. What was Your purchase price?

[B]

241.

[A]

How much did you put down?

[B]

We used the down payment assistance loan, so.

[A]

Well, you probably have a little bit of equity in it. Yeah, but I don't know, Zillow sometimes overdoes it. It's a little hard to tell, but it's showing about 280. Yeah, and what you said it was 240.

[B]

241. Yeah. And it's. I mean, I still owe 241 on it with the down payment assistance loan. It's a horrible rate. We should. We really shouldn't have bought it at that rate. But we got approved. We were just. We were just. Oh, we got approved for something. We both had upwards of 10k credit card debt a piece at that point when we bought the house. So. Of course.

[A]

What is going on today?

[B]

Well, I dug a hole that I couldn't dig myself out of. I finally got a raise to the current salary that I'm at like two months ago. Okay, so that's made it a little easier now. I see the light at the end of the tunnel, but I dug too far down the tunnel, I think.

[A]

So why aren't you going out of it?

[B]

Well, that's why I'm here because I think I figured out what I should do or I've done some stuff maybe I shouldn't have done. Took. Took Most of my 401k out with my job. I withdrew it and I took a loan from it last year, so.

[A]

Yeah. And by the way, then the producers tell me what's actually going on. You have a kid, you're trying to take care of the kid. Okay, that's great. But then you have. You're just gambling your money, so what the. Are you trying to. What. What is this little sob story? What are you talking about? Dude, if you're just going out there gambling all your money, don't around. Don't. At the beginning of the conversation, what is going on? You're gambling. You're gambling. You're blowing all your money, digging in the whole your hole. You're gambling away.

[B]

You have to win sometimes.

[A]

Yeah, everyone wins sometimes.

[B]

That's one of the only things I like to do. Gambling and playing golf.

[A]

Yeah. How about taking care of your kid would be something nice to do.

[B]

And I do that religiously during the time that I have him. And then I religiously.

[A]

Then why are you struggling so much if it's religious?

[B]

Because everything I do is for him.

[A]

Everything you do? Gambling, golf.

[B]

That's without him. Golf is with him also.

[A]

You say with a four year old.

[B]

Yeah. Yeah. My little Tiger woods out there.

[A]

How often are you gambling?

[B]

Depends on if you're talking about gambling with golf or gambling at the casino or gambling playing poker. Just depends. It's probably three, four times a month.

[A]

What? Wait, you came to Austin early just to play at the lodge?

[B]

Yeah.

[A]

Even is that.

[B]

It's the card club here in Austin, buddy.

[A]

What is wrong with you?

[B]

I've watched them for a couple years. I love the show.

[A]

Watch them?

[B]

Yeah, they have a lot of stream. They have a live stream.

[A]

Oh, good. Were you in it?

[B]

No, I was not in the live stream.

[A]

Well, then what the. What was the point?

[B]

Well, at the time, I did think there was gonna be a live stream that day, but so we know it.

[A]

Hits your account and it's correct. It was 4465. So 4500. Great. What did you spend last month religiously taking care of your child, Gambling your life away.

[B]

Honestly, I'm gonna say 4,500.

[A]

That's great. It was $6,477. So what the are you talking about? How are you taking care of your kid? That's not taking care of your kid. This hole, this magical hole that you're talking about that's going deeper, going through the center of the earth at that point. That's not trying. What are you talking about? All you care about and think about and try to do is take care of him.

[B]

And that's during. During when I have him, man. Like, I. It's my h. Hobbies. Golf and gambling. So we don't have anything in the court for split custody, but we do basically do 5050 all the time.

[A]

What the Is your problem? You only have him for half the time.

[B]

I probably buy too many things for him. Pools, toys.

[A]

Pools.

[B]

I got a small pool for him this summer.

[A]

I doubt that's why you spent $2,000 more in a monthly basis.

[B]

It's not the full reason. I. I spend stuff on food. I mean, can't you tell?

[A]

Fellow widebody, let's not compare on this scale.

[B]

Oh, man. Yeah, it's.

[A]

Yeah. Your food spending alone was nearly $600.

[B]

600?

[A]

More like yum.

[B]

Yeah, yum.

[A]

Oh, that was miscellaneous. Going out to you was closer to three.

[B]

Three. Okay. Well, that's not bad.

[A]

Well, it's bad when you're spending more than you make and you can barely afford to keep the house over your head. I mean, you have a cousin living there with their kid in order to help.

[B]

Yeah.

[A]

Can't take care of the own place. And you admitted self. Admitted that you should have sold it already.

[B]

I should have sold it. Right. But we were going to. We would have to pay. We would have to pay thousands of dollars.

[A]

You're paying thousands of dollars.

[B]

I know. And in retrospect, maybe I should have sold it, but I like that I kept it. Now at this point, I. I feel more at home now. I. I want to get her. Her name's on the house.

[A]

Her name's still on the house. Okay. What's your relationship today?

[B]

It's only.

[A]

I mean, she just came back to get together.

[B]

It only has to do with my son. So actually, after she had asked about getting back together and moving back in, like, a month later, she had a new boyfriend, and then now four months later, is moving in with him.

[A]

Yeah, yeah. Ohio's a freaky place. I get it.

[B]

Yeah.

[A]

Okay. But you guys are amicable?

[B]

We're amicable.

[A]

So to get her off the house. Okay, what calls have we got into the bank? What ideas of refinancing are we. What's your rate?

[B]

7875.

[A]

Yeah, I mean, if you refinance today, if the bank would even let you. I don't know. You have a Lot of bad debt.

[B]

That's the issue.

[A]

Well, no. You got 41,000 hours of bad debt, then you have 242,000 hours of other debt. Only 229 of it being the mortgage. So you got federal student loans. You got Chase, Slate Edge and Bank of America, too. Which are probably a lower 0% interest for the moment. Yeah. Instead of paying those off early, we go to the lodge early. In Austin.

[B]

Yes.

[A]

And gamble because it has a stream.

[B]

I spent like 10 hours there the other day.

[A]

The is you have a child to take care of and you're.

[B]

He's with his mother right now. I don't have to take care of him right now.

[A]

Part of it is finances. Your finances affect him. What college are you paying for? You already have student loans, so. I know. I know for sure you're not paying for his college.

[B]

Maybe not right this second, but once I'm out of this bad debt.

[A]

How do you get out of this bad debt for 10 hours at a gambling table? Buddy, we're filming here on a Tuesday. You could have been here Monday night. You came in over the weekend to gamble.

[B]

And I'll probably be there after this.

[A]

I'm sure you will. Because why have any kind of growth whatsoever?

[B]

How much are we putting it in Austin? I gotta check.

[A]

Notorious Gambling Town. What is the amount that you're spending on gambling? Would you even know? I guess you didn't even know that you spent more than you brought in.

[B]

I bought in the other day for 250 bucks twice and lost, so. 500 the other night.

[A]

Yeah, just the other night. I'm talking about just ongoing basis.

[B]

Yeah, yeah.

[A]

Living life.

[B]

I would say I'm losing at least 5, 600amonth.

[A]

What is wrong with you, buddy? You already spent 2, 000 more than you bring in. 5 to 600 is a substantial cut of that.

[B]

I know. I know.

[A]

You know?

[B]

Yeah.

[A]

You do nothing. You're a father.

[B]

It's something I like to do.

[A]

You like to do or you're addicted?

[B]

Not addicted. I think if I wanted to, I could slow down.

[A]

And you don't want to.

[B]

I don't really want to all that much.

[A]

Really? Even though you literally cannot afford it and your kid does not have a college fund and your retirement's a joke and you have a really bad day and you can't even get out of your own damn house and you want to. That's our priority. That's our priority. I just said you want to get out of it.

[B]

I don't want to get out of it now you just said you want far into a hole to want to get out of it.

[A]

That's not true. You have an equity. Dumb tit.

[B]

I want to get it refund.

[A]

You have an equity position after fees and commissions. Yeah.

[B]

You might get out of the house.

[A]

I don't know. I don't know what the. What's your mortgage payment?

[B]

2082.

[A]

Well, that's half your income, so. Yeah, let's get out of the house.

[B]

What? Well, if you add the 800, is it half the income? I know what the 800 I get from the cousin.

[A]

Yeah. And that's only 800.

[B]

Yeah.

[A]

And that helps. But does cousin want to live with cousin forever? Does he want to stay there forever?

[B]

I'm sure probably not, no.

[A]

Yeah. And you already have a substantial income. Yes. I hope it goes up. But you already have a substantial income and you couldn't afford this mortgage on your own.

[B]

If I refinanced it, could I afford it?

[A]

Maybe. Rates aren't that much better and with your credit score, I highly doubt you'd get much better of a rate. So. I don't know what you're talking about. Unless you're getting like a wild 40 year mortgage.

[B]

No, no, no.

[A]

Why does it matter? You're gonna make it past the 30 year mortgage anyway. No offense.

[B]

Shut up.

[A]

No, no, no. That's not even a joke.

[B]

I'm down £10.

[A]

That's good. But I do react content and we just. We.

[B]

Well, this isn't fat and fatter. This is financial audits.

[A]

No, for this one it would be fat and fatter and fattest.

[B]

Who's fat and who's fatter on the show.

[A]

There you.

[B]

Who is in your other show fat again.

[A]

It would be fat, fatter and fattest. That's not the point. That's not the point. People, we, you know, the community and I, if we've been doing the live streams, we dove a lot into the health statistics and a lot of stuff and content creators that are in like the morbidly obese world, which you're in the morbidly obese world. I'm barely in the obese world. Almost out of it. But either way, yeah, they die in their 30s and 40s. You want to be around for the kid.

[B]

I was thinking more 60s.

[A]

Your body isn't. Your heart isn't.

[B]

Well, arteries aren't.

[A]

I've been getting in that part. I will. Yes. Ten pounds of good.

[B]

Ten pounds over what, a month since I've started.

[A]

That's good. Mostly water, right? But that Is good. Keep going.

[B]

Yeah.

[A]

Okay, that's fair enough. So what have you done to try to get out of the hole then? If our entire thing if you. It's 170 calories right there. Liquid. You're drinking liquid calories. What's even the point at that point, big guy.

[B]

46 grams of sugar too. But I got a water here too.

[A]

And you're drinking the 170 calorie Mountain Dew instead.

[B]

That's my thing.

[A]

That's great. I want you to live for your kid. But that's why I was saying a 30, 40 year mortgage doesn't really matter because I don't think you're gonna be.

[B]

I drank a zero percent monster. Zero, zero sugar monster.

[A]

I don't care. You're drinking that right now. Doesn't matter. So what have you done to try to get out of this hole? If you're acknowledging you're in a hole, what have you done? I mean told you hired financial adviser.

[B]

I withdrew all I could from my 401k.

[A]

That's digging out of a hole.

[B]

I. I had over 30k just in credit cards and now I'm down to like 20k.

[A]

10% penalty. And then you're taxed at your tax rate and you're not at an insufficient tax rate by any means. So you paid essentially what maybe like 20% overall. So it was like a 20% interest on your 401k that you essentially were charged lost.

[B]

Yeah.

[A]

And I put that towards your debt. Hopefully your debt was like 30% that you put it towards. Doesn't even matter because your Debt is still 41,875. How much did you have in retirement?

[B]

I currently have.

[A]

Had.

[B]

Had like 30.

[A]

You pulled out 30?

[B]

I pulled out 10 something. But when like less than two months ago.

[A]

For sake without changing any behavior. We just saw you spend $10,000 more than you made 2,000.

[B]

You maybe. Maybe those numbers include me paying off more on the credit card.

[A]

I don't think so. Typically not. Not that I see. But maybe we'll see. No, it wasn't debt payments totaled about $1,000. Not net though because we know that ain't that at the end. That is what you put in before you spent any money. So again I have a note that you hired a financial advisor.

[B]

Yeah.

[A]

What happened? Because you're a mess.

[B]

He.

[A]

You're literally gambling all your money away. I don't get it.

[B]

Suggested that I pull out because pull out a lot of money. Pull out my 401k medical.

[A]

He didn't see Your behavior. And if you just, that is, it doesn't work if you don't change your behavior because then any debt you pay off you're just going to build back up if you don't fix your behavior first. And that's, that's bad financial advice.

[B]

Part of these credit cards, I balance transferred and then just racked up the other the credit card again.

[A]

Yeah, people want to jerk off out there. Caleb doesn't even have a financial advisor license. Yeah, well, look what a financial advisor just told him to do. And look how it turned out.

[B]

I still have 15 something in the retirement account.

[A]

Yeah, that's half.

[B]

Yeah.

[A]

Don't need a certification CPA for that one.

[B]

Yeah.

[A]

CFA or any of them.

[B]

I thought it was a good idea because I, I, we, we did all the numbers. We calculated how much all the bills were.

[A]

Yes, it goes towards debt, but without changing behavior, debt goes up and debt went back up again. You just said this, so what the are you talking about? Why are you still trying to go on about that? We just went about that, dude. By the way, I also have in the gambling world that you don't keep track of losses. So I don't even believe you when you save 5 to 600amonth because you told Colton the producer that you do not keep track of losses.

[B]

No.

[A]

So you wouldn't even know.

[B]

But overall, lifetime, I've maybe only down a couple thousand.

[A]

You wouldn't know if you, the guy who doesn't track losses is trying to tell me the what he's down. But what the are you talking about? You've been gambling since forever, right? Again, I wouldn't, I honestly wouldn't care as much if you weren't a father.

[B]

It's what I like to do when I have the time.

[A]

There's a lot of things I like to do. Doesn't mean I go do them. I'm sure I would love it, but if I did it, that doesn't mean I do it.

[B]

The idea is that I win and that I can pay off some of these cards.

[A]

Hey, that idea has completely failed, so shut the up. Did your financial advisor tell you to do that?

[B]

I do. You know, the gambling doesn't come up.

[A]

Financial advisor gambling didn't come up. And talking about your finances to a financial advisor.

[B]

No.

[A]

Okay.

[B]

Why would I bring that up to him? He didn't ask about it.

[A]

Substantial amount of your money going out. Okay, so how much did you pay the financial advisor?

[B]

I have life insurance through the financial advisor. So for a meeting with him. I don't technically pay him for that.

[A]

What does this actively manage fees for your life insurance?

[B]

Yeah, I actually don't know. I have no idea. I have zero clue how much I'm paying. I know how much the bill is for the life insurance, but I don't know. And what's that like $86 locked in before I was fattest.

[A]

Used to not be fat.

[B]

I mean first year of college was my lowest. I've since gained about 70 pounds.

[A]

70? Yeah, it's a lot.

[B]

Yeah. So I guess 80, but I'm down 10, so. But yeah, it's tough.

[A]

Let's talk about student loans. I know it's something we all avoid talking about, but if your private student loans are crushing you, why Refi might be exactly what you need. They don't rely on your credit score alone. They look for borrowers who have the desire and the ability to repay. That is a game changer in a market where most lenders only see a number interest rates under 6% guaranteed. That's practically a unicorn in student lending. Plus they offer structured payment plans to lower your monthly bill and even a co signer release program so your mom and dad can step off the hook. Why? Refi is known for their personal service. No faceless call centers. You get a dedicated rep who actually cares about your progress. They've got a 4.6 star rating on Google which tells you people genuinely like working with them. So if your private student loans are burying you, it is time to reach out. Why? Refi wants to help you climb out of debt, not push you further into it. Check them out at yrefi.com hammer that is yre f y.com hammer or call 889-733-978 that is 889-733-978 break free from the high interest trap and get your finances under control once and for all. Well, no, he didn't care about giving you adequate advice on your life with him barely making much.

[B]

Honestly, I think the main issue was that I wasn't making what I'm making now and I had the house the entire time. Didn't have a roommate either at the time. I just spin on the cards the entire time.

[A]

What is this? Why do I have this note? They're giving me this note. He thinks Vegas will fix his life. What the does that even mean? That sounds like the literal villain to your entire story.

[B]

I may.

[A]

What are you talking about?

[B]

I may or may not be going to Vegas in September. Why?

[A]

That's like the worst city you could pick for you have you been?

[B]

No, I've never been to Vegas. No, I've never been and it's going to be great.

[A]

No, buddy, are you not on this show to fix your shit?

[B]

I am.

[A]

What the is wrong with you? You know, Vegas is bad.

[B]

My, I wasn't going to go. My grandma, sister, mom, she wanted to go. She never been. She wanted to go and it's the la. It's like our last family vacation ever type thing.

[A]

What?

[B]

I bought the plane ticket like yesterday.

[A]

Are they all dead? Dying.

[B]

Well, she's older. How old? Like almost 80.

[A]

Okay. People have 90s, people make it 200. I don't know. That seems. Why ruin your life, Advocate?

[B]

I paid for.

[A]

You couldn't have advocated for something different.

[B]

She wanted to go see some show. I'm not even going to the show.

[A]

Yeah, yeah. You're going to be at the casino.

[B]

Yes, I will. At the poker table. Poker, it's not, it's different than slots. Poker is more of a skill game guy.

[A]

You've lost like everything.

[B]

I haven't always lost.

[A]

No, but net you have and you do not keep track. So you cannot tell me otherwise.

[B]

Yeah.

[A]

And if you tell me, you can quit if you actually wanted to. Then don't. Then don't. Then when you go to Vegas, lock yourself in the room and go to the shows and go to the buffets. That's it. I, I, I, if you can stop anytime you wanted to, I'm telling you to do that.

[B]

Go to Vegas and don't go to the poker table.

[A]

Correct. For someone like you that in Austin, a non gambling city, lost 500.

[B]

There's no way that I'm gonna do that.

[A]

That's $500 in Austin, a non gambling city, on the day before.

[B]

I don't want to lie to you. I don't want to lie to you.

[A]

The day before you came on financial audit.

[B]

Yeah, but it was one of the only things for that I like to do here in Austin and it was like, no, you also like to eat.

[A]

And we have a lot of Texas.

[B]

Barbecue and I blacks yesterday.

[A]

Well, you went to the worst one.

[B]

Congratulations. What's the best one?

[A]

Literally every other barbecue restaurant that is.

[B]

A tourist trap and it's not sure, you know?

[A]

Yes. Myth away.

[B]

Myth away.

[A]

LA barbecue.

[B]

LA barbecue. Okay, thanks. I might be there after this.

[A]

Better than gambling. But dude, that's not what we're talking about here. So you had to buy the what tickets? What tickets? You had to buy the plane tickets.

[B]

I bought the plane ticket. Yeah.

[A]

How much?

[B]

Like 600 good death.

[A]

Dude, again. You sent $2,000 money that you brought in. You have a child they do not have. You drained your retirement in half. You're dramatically behind now. I mean dramatically. I don't know. You actually you were pretty damn on track for 30. With 30, I know you were on track. And that's gone. And then you built your debt right back up again. Financial advisor needs to get never hired ever.

[B]

It's been tough. I will have to say it's been tough.

[A]

Yeah, buddy. This is self inflicted as ever. I think it's what is not the.

[B]

Majority of the baby mama leaving and me not selling.

[A]

Go ahead, tell me. What, what, what what? What went wrong with the B left then?

[B]

I didn't sell the house and I. The house and. And I. Someone that.

[A]

Someone that pays rent. For how long?

[B]

I. He just moved in in March of this year.

[A]

And so how long was it did?

[B]

A year and two months.

[A]

Why would you allow that? It was. It was still personal choices.

[B]

Yes, it was bad and it was personal choices. I. I said it was like 60%.

[A]

I mean would it be the best? No, she left. Okay. That sucks. But then you're able to choose what you do next.

[B]

Yeah.

[A]

You chose to sit.

[B]

I did. I. I just thought it'd be easier. I didn't want. We had just moved in. I had just painted the entire inside of the house myself.

[A]

That must have taken months.

[B]

No, it didn't. It took me a couple weekends to do all the bedrooms, all the downstairs. I ca. You know, the weight doesn't mean everything. I. I'm still active. Don't give that look off camera.

[A]

Listen, I don't know. I'm concerned from your future out of the gate with this. The reality is you just can't stop the gambling. Struggling, stopping the eating as well. Did you start the zempic?

[B]

No.

[A]

So you're going diet?

[B]

I'm not ever gonna do that ozempic. Are you on the Ozempic?

[A]

I wish I could. I can't do needles, but.

[B]

Can't do needles.

[A]

I can't. I would be so much further down type thing. Oh dude. I would totally do it like this if I really. But I can't. So I'm just.

[B]

I know some people that have done it but I always.

[A]

It doesn't matter. It doesn't matter. I'm glad you at least lost a few pounds. But even still like unhealthy lifestyle for the kid. And the kid also you will so what their parents have. Not only that, but you can't stop gambling. Spend $2,000 more than you make a month. You're going to Vegas. You're not fixing anything. I'm immediately concerned going in, going into this conversation. Anything else I need to know before I go into these numbers?

[B]

No, I think. I think we're good.

[A]

All right, then. What do you think your financial score is? 0 to 10, 0 being the worst, 10 being the best.

[B]

2.5.

[A]

Okay. Do you want your financial score? Take the [e-mail] or dollarwise.com it's free. Check it out. You'll see where you stand. And if you don't want to be like a guest on this show, make sure you download the Dollar Wise budgeting app. Take the free trial, sign up for the annual version if you want to save a lot of money. And also get my budget friendly cookbook and signed by me mailed directly to you. Sign up for Dollar Wise Central if you want all of our educational products and the premium version of the app bundled together for 80% off. Dollarwise.com. let's get into this. Okay. Okay. What am I gonna say? Oh, immediately spending. Who would have thought?

[B]

What card?

[A]

Discover it. So what's going on with this?

[B]

I've had to discover it the longest. I got that in college, spent on it through college, eventually got a new card, transferred some of the balance, and then honestly, I think transferred some of this balance away. Correct.

[A]

Yeah, buddy, it's border. If it wasn't for that little bit of money that came in because of that, this was maxed out. So your balance transfer, this was maxed out. And then you immediately do the same thing without changing your behavior. This is going right to max again. And I already suspended on here.

[B]

I'm going to blame it on the ex baby mama for.

[A]

Well, hold on. That was like two years ago at this point. What are you talking about?

[B]

It wasn't two years. It's been a year and year and a half.

[A]

Okay? It's been a year and a half ago. How can you blame this on baby mama?

[B]

I spent on the card all throughout the time that I had the house.

[A]

No, no, no, no, no. We're talking about the fact that you pulled out of retirement. Put. Well, no, no, you did the. The transfer. You transferred away some balance, built it all the way to max again, and now you put a little bit of your retirement towards it, but you're already starting to spend. You're going to put it to the max. How can you blame baby mama on that?

[B]

Dude, the plan is now eventually.

[A]

Oh, that's the Plan. Yeah. Great. Which is why he's going to Vegas. What the are you talking about? You don't have a plan. You're just winging and having fun. Dude, you don't care. You love your kid, but you don't. You're not putting in the actions that are required for a financially responsible parent. It's a $200 minimum payment, which is chunky. Add that to your mortgage, the cousin ever wants to leave. Why'd the cousin move in? Ladies and gentlemen, a financial audit. This is one of the most exciting moments in this chann history. You know, I've been working on building all these educational tools, our budgeting app, all this crazy stuff over this past year because that is where my passion is. We finally did it and now we put it all into one program called Dollar wise Central. You get the premium version of my budgeting app. You get the cookbook mailed to you and signed by me. You get to learn about debt, investing, budgeting, real estate, basic beginner stuff and finance all the way to the advanced. That stuff collaborated by experts with the lowest refund rate in the industry for a reason. And guess what? Just for the next two weeks, you can try it for free. If you are struggling or you want to learn more or you want to change your life in any way whatsoever like literal tens of thousands of people have done with our programs, go to Dollarwise.com click that link below. Your life will change. It'll be incredible. And I am here for you with an incredible support team that you can reach at any time. This is a no brainer. Dollar wise dot com. Let's go.

[B]

Him and his girlfriend slash baby mama of five years also broke up in Ohio.

[A]

Okay.

[B]

Yeah, same exact situation.

[A]

Is he just getting on his feet or does he have long term plans to stay there?

[B]

Right now the long term plans we've talked about is kind of for him just to stay there with what's long.

[A]

Term to you guys, right?

[B]

Like there is not. There's not been a real timeline.

[A]

Long term lifespan for you is about five years.

[B]

There's shut. There has been some, some discussion but no real timeline discussed. I just told him to make sure he gives me a little bit of time before like I tried to tell him like if you're gonna leave, like give me a couple months so I can try to figure out my okay. And if he leaves maybe that does.

[A]

Mean I need to sell in your guys conversations. What have we. What the. What's the vibe? We got a year, two years, five.

[B]

Years, six months in My. I think maybe another year at least.

[A]

Okay, so what do you. So, I mean your mortgage payment's honestly not going to really change much because we have massive interest rate cuts. But even still your debt to income situation. I don't even know. You're hoping for those. Everyone's hoping for those. But yeah, I don't know. Let's wait and see. Right now it's.

[B]

That's what I've been doing.

[A]

It doesn't matter. You're dedicating.

[B]

And now this is where I am.

[A]

After waiting some situations rough. I don't even know if you'd have a good refinance anyway.

[B]

I wouldn't. That's. I. I need to refinance it but I needed to get the debt under control first before refinancing and she wants refinance. She wants off the house, but I can't do it right this second. I've talked to the. To the bank.

[A]

Call her right now.

[B]

No way. Yes. I'm not calling. Call her and say what? What do you want me to say?

[A]

Nothing. I'm talking to her.

[B]

You're talking to. Call her right now.

[A]

Right now.

[B]

What is today. She's working.

[A]

Call her. Usually I save this for the potion, ladies and gentlemen, but she seems to be a big part of this episode. Lots of excuses.

[B]

She has no idea about this.

[A]

Nope.

[B]

She has no idea.

[A]

Come on.

[B]

She may not.

[A]

Did you call her?

[B]

No.

[A]

Well, call her. I'll. I'll give permission.

[B]

I didn't tell. It's also a one party speaker or what?

[A]

Yeah. Hello?

[B]

Hello.

[A]

Hi, I am friend. I just. Can I ask you a couple questions out of just curiosity? Why are you calling off a phone? Because I don't have your number but. And I are going over his financial situation and this guy has so much debt that honestly I had no idea about this whole time. But every single time we talk about a debt, he just blames it on you. And I feel like that cannot be the case. I feel like it cannot be the case that all this debt is your fault. I think he's blaming everything on his quote baby mama and I wanted to. I just had to confirm it. Wait, he's with you right now? Say hi.

[B]

Hey. Don't. Don't read too much into it.

[A]

He needed someone to go over his finances and I am. But I'm calling bull on this fact that he's. My name is Caleb, by the way. Nice to meet you. He's. He just keeps blaming everything on you. He's like, oh, she left a month after we got the house together a few months after the house together, and I have to make all the payments and I had to take out more debt. It's all her fault. No. So that's definitely not the case. He had an option to leave me the house. Really?

[B]

She didn't make enough to pay for the. For the mortgage.

[A]

Do you know why he didn't take that? Probably because he or dog and he wanted to stay there. I was willing to leave in either situation, either happy to stay, happy to go, but I just wanted out of the situation. So to be clear, him blaming you for this is honestly kind of cope from the sound of it. He's coping hard. Yeah, that. That sucks. Sorry. Go ahead. So when I left the situation, I up and left with literally nothing. I started my life over completely from scratch.

[B]

I paid for her bed. I paid the 500 for the bed.

[A]

It's a bad guy.

[B]

Yeah.

[A]

Come on. A bed Isn't that crazy?

[B]

Yeah.

[A]

Yeah. You can't sit there and beg about a bread.

[B]

He.

[A]

You know what he does? He gambles away enough money to pay for a bed every month. Month. That's one thing I'm starting to call out. And the thing that's kind of. That's worrying me as a friend, personally is. And maybe you have some insight into this. He is. We're trying to have this conversation, get his finances under control because, you know, this is kind of. It's what I do for fun. I make budgets. I'm a nerd. He's literally taking a gambling trip to Vegas with his family. In a couple months, he's gonna blow thousands when he's already spending $2,000 more a month than he makes. Yeah. That trip is supposed to be paid for with my understanding. Well, he bought the tickets, but I don't think the gambling's paid for. I don't know. I'm concerned. I'm concerned. And the fact that he immediately deflected to you is drawing kind of major red flags to me. And I just had to go to the source because it doesn't. It doesn't feel right. No, it's definitely not all my fault. But I will say that me leaving the way that it did, I think it caused stress on him. Oh, sure. So I won't. I won't completely say it's not, but he also had the option for it to go either way, so it's not just my fault. Okay, well, thanks for taking the time. I'll let you get back to your day. Okay. A little bit of you weren't forced to keep the house. You could have given it back.

[B]

Can you believe she wouldn't have been able to afford it. She made less.

[A]

She wouldn't have been able to, but.

[B]

She wouldn't have been able to afford it. It's in my name. I did not feel comfortable. I did not feel comfortable with her being in charge of paying all the house's bills.

[A]

You're left with nothing in your brag was. I got her a bottle, a bed.

[B]

I had to pay for a bed she took. Don't let her say she got nothing. She was. She took whatever the she wanted to take. You know, we didn't have that many big things worth taking.

[A]

All I'm saying, it wasn't all her fault. And all you're doing this entire conversation is deflecting onto her.

[B]

So we paid for a nice bed together and I paid the majority of the price. She was trying to.

[A]

Is she gonna see this?

[B]

I have no idea if she knows about the show or not. She has no. She definitely has no.

[A]

We go far and wide, buddy. Just like your tits.

[B]

Shut the. Oh, God. You're not far removed, are you?

[A]

Oh, we're very different. But I'm substantial.

[B]

Fairy is a strong word in your case. Have you looked? Have you looked in the mirror?

[A]

Okay, everyone's giving a heavy head shake. No, I know I'm that big, but that's cuz they're.

[B]

You're.

[A]

How much do you weigh?

[B]

You're their boss.

[A]

How much do you weigh? I'm also. I'm friendly. How much do you weigh?

[B]

320.

[A]

You're over 100 pounds more. How tall are you?

[B]

You're 220.

[A]

No, I don't look that. I'm 214.

[B]

Oh, you look about 270.

[A]

How much do you weigh? Or how tall are you?

[B]

Five eleven.

[A]

Okay. You are two inches. You got two inches on me.

[B]

All right?

[A]

I'm your average American male. Five, nine.

[B]

Okay. Yeah, I, you know, I'm. I'm trying. Golf helps with the. With the activity. I have a gym membership.

[A]

All the flipping the cards. That's really helping. Okay.

[B]

Would you like.

[A]

What did you spend on. On this? Discover it. And let's not say the baby mama.

[B]

Food.

[A]

Microsoft ultimate and Microsoft 2. Microsoft ultimates.

[B]

So that's. That's just because it lines up differently with the. With the time frame.

[A]

Wait, why do you need two? What the are you talking about?

[B]

It just lines up to where one came out and then a month later the other one came out.

[A]

I see.

[B]

Okay, so I put the couch on there.

[A]

Why is this. Why is this on a card that you cannot pay off that you had to use your retirement to put a payment towards, that you had to balance transfer and then built it all the way back up again. Why the would we have a fun subscription on here?

[B]

Well, that's.

[A]

That's. It is fun.

[B]

My Xbox. I know I have all the stuff. My game.

[A]

It's not a credit card. That is a grand interest that you cannot pay off that you max out multiple times.

[B]

It's like an auto payment thing. It's just.

[A]

Why on a credit card, though? Do you not understand my question?

[B]

I guess not.

[A]

I missed you. Why is it on a credit card and not your debit card?

[B]

You autopay on the credit card at the time when I set that up, who knows how long ago.

[A]

Why aren't you switching it to a debit card?

[B]

I used to be very close to my. To zero in the checking account up until this most recent raise.

[A]

Most recent raise? You pulling money from retirement? Let's be honest. Yeah, yeah, yeah.

[B]

In the couch. Needed a new couch because you have.

[A]

Maxed out a credit card that you have balance transfer and everything raised is not what helps you raise is equals lifestyle inflation for you.

[B]

Yeah, yeah. It. It's. I. I saw the light at the end of the tunnel with the rays, but I'm starting to not see it. But I. I'm gonna keep the Microsoft Ultimate. It's my. It's my Xbox.

[A]

I didn't even say not to.

[B]

Okay.

[A]

When we budget at the end, maybe you have the room. I've been giving subscription money. You're putting it on a credit card that is accruing interest that you've attempted to pay off twice, that you continue to max out, that you're unable to pay off adequately. It's where it is.

[B]

Yeah, I have.

[A]

I have, buddy. $1,138 has been taken from you in your child's future this year alone on one credit card. We're halfway through the year. We're halfway through the year. This is going to be a 1000.

[B]

This is 1100.

[A]

Yeah. This is going to be a $2500 taken away from your $92,500 on one card alone within this year is going to be taken away.

[B]

That's. That's why I'm here. I want to figure out a way out. I want to figure out a way out.

[A]

That's not an adequate response. I want to figure it out. Okay. Don't go to gamble don't go to gambling. Don't come to Austin early before you come on the show in order to gamble. Don't go gamble right after this before you leave. Don't go to Vegas and gamble. Hey, I figured it out. You. Are you serious? This. And what is this? What is this new couch? You keep bringing up this new couch. I don't give a new got. What are you bragging about a new couch?

[B]

No, I got. That's 1100 of it went when? Less. Less than a year ago.

[A]

Why, why did you need a new couch?

[B]

The other one, the other one gave out. The other one was scratched up from the dog and. And the arm was broken from me and the kid messing around and so.

[A]

This one will have the same fate.

[B]

Well, it hasn't yet. It is a little scratched up, to be honest.

[A]

Well, so it's on its way?

[B]

Yeah, yeah, it might be, but it's a nicer couch.

[A]

Poker table for your own house?

[B]

Yeah, I. I bought a poker table also.

[A]

Oh, how often is that used? How often possibly is that used?

[B]

We were using it about once a month, but then.

[A]

Yeah, that was even lower.

[B]

Now it's lower because.

[A]

Who's we?

[B]

All the buddies, man.

[A]

We had. And why is it lower? Once a month? Once a month isn't much.

[B]

It's just been hard to get all the guys together at one. One time.

[A]

And you guys probably play with real money, right?

[B]

Of course. Why would we play with fake money? This ain't.

[A]

This ain't Monopoly, cuz you don't have.

[B]

It's less. It's lower stakes than like the casino or like a card room or anything.

[A]

No, but it's continuing your habit.

[B]

It's at least 150 I'm putting up risking for the home.

[A]

That's substantial still, when we're struggling. $150 pays for this. Most of this minimum monthly payment alone makes this go down almost double the speed. Instead of paying $2,500 in interest this year, which is what you're going to do.

[B]

That is sickening.

[A]

Well, I'm being told the reason that you don't have to worry about playing with them all the time is because you still at the casino every single weekend.

[B]

It's what I like to do. Either golf or gamble, man. But when I. When I don't have the kids Saturday night.

[A]

You're an actual creature. You actual creature. I know it's what you like to do. I never said this isn't what you like to do. That is not. Oh, that is. That. That is not.

[B]

A justification.

[A]

If I was popping Zannies, I would like that. That doesn. Good. Just because I like it, I do.

[B]

It without the Zannies. I do it just.

[A]

You don't. Oh, he's. You don't understand what I'm saying. Not just. Just because you like something doesn't mean it's good and that you should continue doing it. I like.

[B]

Poker's a skill game. Poker's not just regular game.

[A]

Well, then your skill sucks if you've lost more money than you've made. Summer was fun. Maybe too much fun if your credit card statements look like a list of poor decisions. Flights, festivals, and enough iced coffee to hydrate a small town. Same here. So let's get a win on the board. Today's sponsor, Helium Mobile, is offering a phone plan that's completely free. It's called the Zero Plan. I mean literally zero dollars a month. Bring your own phone, your number, and you're set. No contract, no credit check, no hidden fees. When you need more data, texts, or calls, there's two more plans to choose from that are probably still way cheaper than what you're paying right now. And here's the wild part. You actually get rewarded. Every plan, even the free one, earns you cloud points, like cash back, but for your phone service. Use them for Starbucks, Target DoorDash, or donate to a nonprofit right inside the app. You're not just saving money. You're turning your phone plan into free coffee and burritos. How could Helium Mobile do all this? They mix coverage from a traditional nationwide 5G network with a decentralized network built by regular people, like the Airbnb SL service. It's faster, smarter, and it doesn't drain your bank account. So while you recover from your summer spending hangover, maybe ditch the overpriced phone plan, too. Switch to Helium Mobile and start getting rewarded just for existing. Let's get back to the video.

[B]

Maybe recently. Yes, that is the case.

[A]

You said net overall, you're down a few thousand, which means, by the way, probably. I haven't calculated thousands. Probably multiple times.

[B]

No, no, no.

[A]

Absolutely. If someone who is not willing to give five up is down, according to them, who doesn't track multiple thousands, then it's multiple tens of thousands.

[B]

It's not multiple tens of thousands. Absolutely 100%. It's not that.

[A]

How would you know?

[B]

I can guess. I can estimate.

[A]

No, you can't. You couldn't even estimate how much you spent last month.

[B]

Yeah, I couldn't. Well, I was 15 off, wasn't I? 15002000 off.

[A]

Huh?

[B]

Poker is a skill game, though. To win, you need.

[A]

I'll get you a course career certification and a skill that actually matters.

[B]

I don't need any course career certifications.

[A]

Well, you're gonna get one anyway. Gifted to the ex, almost wifey or the four year old.

[B]

All right?

[A]

Better than gambling. And if you want to gamble whether or not I'll yell at you, go to caleb hammer.com apply and you can sit right across from me like this guy. Just don't come here early and gamble.

[B]

Lot. Car club.

[A]

No, no, no. Choking.

[B]

No, I was laughing how ugly you are.

[A]

The. What was that? Oh, yeah, swig that. 200 calories.

[B]

170.

[A]

Freedom Flex. Hey, at least I have a woman in my life.

[B]

What, for like two months?

[A]

No, seven.

[B]

Seven. Oh, congratulations.

[A]

This one? One.

[B]

This one?

[A]

Well, yeah.

[B]

Yeah. Congratulations.

[A]

Thank you.

[B]

Glad someone found you attractive.

[A]

Pretty funny. $5115.23 with a minimum monthly payment of $195 on the Freedom Flex. What is going on with this one?

[B]

Probably a lot of the golfing goes on that card.

[A]

Okay, so again, if it's something you like to do, if you can't afford it, it doesn't make sense. Again, your kid doesn't have a college fund, you don't have a retirement. What are we doing?

[B]

Some retirement?

[A]

Come on. You drained half of it. You were legitimately a 10 out of 10 on the retirement scale.

[B]

What am I doing for your age?

[A]

Probably four or five, depending. We'll have to see it at the end and calculate well with where your income skill is. Halfway to 30. Unfortunately, the raise actually kind of ruins your math a little and goes against you.

[B]

You probably just got the raise.

[A]

Well, even still, you're probably two or three out of 10 because you're not halfway to where you need to be. We want you to be at $90,000 in retirement by 30.

[B]

Really?

[A]

You're 25, but you are on track to potentially getting there. Like, no, you wouldn't have been in 10 out of 10. Maybe seven or eight, but you're only getting a two now. Two or three. So, yes, if you can't afford golf and you're putting it on a credit card that cannot be paid off, that is accruing interest. Minder. Last month alone on the previous card. 1500, essentially, or the year.

[B]

The golf, though, is just during, like the six. Six, middle eight. Six to seven, Eight months middle of the year. So, like, it doesn't. All the golf expenses aren't always happening, but it's how I Stay active. Like it's how I go out gym.

[A]

You have a dog. I have a kick it on a wall.

[B]

I have a gym membership.

[A]

You have a child play run football, baseball, basketball, all the balls. You look like a ball play the ball games.

[B]

Listen, golf is a ball game.

[A]

But it is a ball game.

[B]

It's a ball game.

[A]

You cannot afford tennis is it? That is one of the highest entry, highest cost of entry sports that exists. If not the right, if not the highest.

[B]

It's probably the highest. I have spent some money.

[A]

Even if you're renting clubs, it's substantial.

[B]

I think I bought like a new club or two on that.

[A]

Of course you so again if you have a gym membership on this credit card that you don't even go to. Okay, then it's not even that. And again, I'm okay with the gym membership. We put that in the budget. Go first of all too is that a credit card?

[B]

It's just the auto pay. It's been on that credit card for like three years I think or however long the card's been opened it's been.

[A]

On there that three years is not going to the gym. If you used Babel you would. Babel's conversation based techniques teaches you useful words and phrases to get you speaking quickly about the things you actually talk about in the real world. With lessons handcrafted by over 200 language experts and voiced by real native speakers, Babbel is like having a private tutor in your pocket. Start speaking with Babel today. Get up to 55% off your Babel subscription right now at babbel.com Spotify spelled B A B B E L.com Spotify rules and restrictions may apply. Okay.

[B]

No, it's never. I haven't not gone in three years. I went here and there, you know, during that time and I was more consistent a couple years back. But then I got locked in to paying it at a higher rate. They without it without knowing.

[A]

I signed 3 years cancel you for no.

[B]

I signed one of those three year ones. I couldn't. I didn't realize it when we first did it.

[A]

Now answer me one question. Driving around in a car, are you walking the course?

[B]

I'm driving a cart. 100%. Yeah. And I'll still sweat my ass off playing.

[A]

It's because you're fat.

[B]

Yeah, and that's why I get out and I can do golf to be less fat. I've lost 10 pounds this month. I've golfed probably five times. I've golf probably five times this month. What time. What? Yeah, five times at least this month.

[A]

Great. That you cannot afford. You spent 2,000 hours more than you made. That doesn't make sense. That does not justify it. Again, liking it does not justify. You're in the most expensive sport. You should play tennis. Cheaper, a lot more activity. You will personally.

[B]

Tennis sucks.

[A]

Tennis is great.

[B]

You play tennis?

[A]

Yeah, tennis is fun.

[B]

I can just imagine you playing tennis and rolling around the court.

[A]

Oh, there it is. Okay, I was wondering what you were imagining.

[B]

Okay, yeah.

[A]

So 60 bucks a game plus you're getting, you know, new clubs here and there.

[B]

Yeah, yeah, that's.

[A]

You're not making deals out on the tennis court.

[B]

I am not making deals on the tennis court. We make the deals on the golf course where we get. Golf course where we gamble who wins.

[A]

Yeah, you. Okay, but you're not making business deals out there. So there's. We can't even advocate for that. You're not networking. You're a government worker that looks through contracts like. Come on. This is. This isn't. Okay, whatever you spent $115 on here again, it was maxed out until you took from the retirement fund. But it doesn't even matter because you immediately already starting to replenish it by purchasing on here. Yeah, yeah.

[B]

I don't feel very bad about the golf. The gambling is different.

[A]

Okay, so you don't give a about your kids future then? Because that's all this I do give a about. And why aren't you willing to cut back on things you like for them?

[B]

I can cut back on some things. You're not. And the golf season is about to end here in a couple months.

[A]

Yeah, a few months more extended than a couple.

[B]

Listen, November, maybe.

[A]

Here's the thing, here's the reality. You say you can cut back in golf, you say you can cut back in gambling, yet you choose not to. And you pull from retirement and you don't have a college savings funds for your kid. You don't have anything. You're struggling to pay the mortgage. If it wasn't for the cousin moving in that your kid has as a roof over their head, I would have.

[B]

Figured something else out.

[A]

I don't think so. This is selfish to have.

[B]

I think I would have. I think I would have.

[A]

And what would you have done, guy?

[B]

I would have, if it came down to it, would have had to sell the house and find an apartment. Even if it is without a yard for the dog.

[A]

I was though isn't as quick as that.

[B]

No, it's not. But I live in a Good area to where it would sell.

[A]

Doesn't matter. I live in a good area too. Houses don't just fly. And this isn't 2021.

[B]

I understand.

[A]

Houses are, I think like average on the market now is 30 days, which is still relatively low, but it is up higher than it was.

[B]

I live in a nice area, so doesn't matter.

[A]

Sometimes nice areas mean more expensive houses, which means less of a buyer pool.

[B]

All right, Caleb. All right.

[A]

Okay. Listen. What did you purchase on how long do you think this takes to pay off? If you do not make any purchases and you only do minimum payments, which.

[B]

You'Re incapable of either of those 10 years.

[A]

Okay, 16. So your kid will be out of the house, no money. You will have borderline no retirement.

[B]

Well, I'm going to pay more than the minimum monthly payment.

[A]

The only reason you did is because you pulled from retirement. So that's.

[B]

No, that's the idea is to start now paying because.

[A]

Doesn't matter. You're already putting money on it. You put more money. You put as much money on it as the minimum payment costs already. So you're completely negating the whole point. Even if you put more than the minimum, as long as you're purchasing on it, you're not getting anywhere. Yeah, Disney plus Security and then the gym that we don't use. Almost a thousand dollars this year, loan and interest. So twenty five hundred dollars total. It's gonna be by the end of the year. These two cards combined, about 4,000.

[B]

And that's sickening. I know.

[A]

Sickening. Yet you allow it and do nothing to change other than pull from retirement, which was compounding on your behalf in the best decade of your life for compound growth. Growth.

[B]

I didn't see another way out. So I had such high minimum monthly payments. I had the mortgage. I, I.

[A]

Another way out is using your strong income.

[B]

I haven't had this strong income until recently.

[A]

Okay. What was your income before?

[B]

I was making 3, 400amonth instead of 45.

[A]

What was that yearly?

[B]

76.

[A]

Okay. You were doing fine. You were above the median household income in the United States. Shut the up. I feel like this spoiled.

[B]

It was, it was impossible to stay afloat with a $2,082 mortgage. And then.

[A]

But it was your choice to stay in the house for as long as you did.

[B]

I know.

[A]

So that, so that's a excuse.

[B]

Stay, Stay afloat. Your choice. I wanted to keep the house because I had everything in there, man. I, I was set up. Me, the dog. Me, the dog, the kid. I had literally yeah.

[A]

You take them with you?

[B]

Yes. I had just put together a bed for this.

[A]

A bed. You make money. You could have got movers.

[B]

The movers alone, they weren't low cost there. Yeah, but they put a thousand dollars for moving.

[A]

$1,000 one. One time, versus a 2500 mortgage payment that was hardly going to. Any sort of equity at that point would have been worth it.

[B]

Still not going to the equity.

[A]

Still not. It's going to be a long time until it does.

[B]

I need to refinance, too, so it's going to restart. So refinance or something.

[A]

This refinance dream you have isn't going to solve this whole thing. I don't know what you think refinancing is going to do for you.

[B]

It's going to get her name off the house. To where it's just problems, but what.

[A]

Else is she doing?

[B]

What is she.

[A]

Is she begging for it to go off the house?

[B]

She wants her name off the house.

[A]

Okay.

[B]

Yeah. Okay. She's ready for that to happen.

[A]

Your mom just helped you buy a new driver. Club driver.

[B]

She paid half, I paid half. Just like, what the. Like, $50 or something, buddy. She offered, and so I agreed. I paid half. She paid half for my birthday.

[A]

You can't afford clubs when you're spending more than you make. So now, like, 500amonth is going to gambling. Minimum. 500 going a month of golf. So at this point. At this point, I mean, that's already your entire raise. It's just going to those two hobbies that you say you can cut back on, but you never do.

[B]

Yeah, that. That. That sounds about right. Thousand bucks a month probably has gone towards that.

[A]

That's insane. And honestly, I don't even believe that because I bet gambling's even more also. Your birthday's in October, I'm being told.

[B]

So golf ends in, like, November.

[A]

So she had a month.

[B]

She offered a couple months back. Or a month or so back.

[A]

Stupid. Okay, what's going on with bank of America again? Shocker was maxed out. Out. Then a little bit of retirement came and helped. Doesn't matter. We started spending on it immediately. It will be back to max before we know it.

[B]

No, it won't.

[A]

Yes, it will, because that is exactly the behavior that you have done.

[B]

I'll make a bet that it doesn't.

[A]

I don't do that.

[B]

Okay, so you're no fun. All right.

[A]

I am no fun. All right, so what's going on with this card?

[B]

I think that's mainly just used for, like, food And. And whatnot. Food. Work. I go out to work. Food at work. While I'm at work. Lunches.

[A]

Aren't you packing lunch?

[B]

Well, I have since recently tried to start doing that.

[A]

Tried to start doing that means he did not start doing it.

[B]

No, it means I bought the lunchbox to start doing it. That's. That's what that try to start means, dude.

[A]

What the man?

[B]

Sandwiches.

[A]

Yes.

[B]

Lunchbox. I'm gonna put my sandwich in and eat it for lunch now.

[A]

It's a good idea. You're not.

[B]

I'm just starting.

[A]

No, you bought the box.

[B]

And the lunch meat that this work.

[A]

Nothing you have to actually start doing. Dude, you are the person that buys the gym equipment. Never uses it.

[B]

I think I would use it if I had the gym.

[A]

No, you wouldn't. You don't go to the gym you already have. And that you pay for and that you locked yourself into for. For literally three years.

[B]

Yeah, but then they cut the price in half after that three years.

[A]

$60 a week is what you're paying in your own estimation on lunch. Going out to eat $60 a week.

[B]

Yeah, that's probably about right. Yeah, that's just lunch.

[A]

That's what I said. $3120 a year.

[B]

How much less if I packed lunch could I spend? The meats are expensive.

[A]

$2,000 or less. Yeah, but it stretches further. And also, you don't need the most expensive. You probably want bougie again, just like the guy who gets the gym equipment, gets the best puts, sets it up, never gets on it or gets on it for a week, then gets off. I'm not. I will never buy the bull excuse of I'm fixing it right after this episode. Shut the up. I see what you're doing right before you came on here. In fact, what did you do right before you came on here? You came down here and gambled. So, no, I'm not. It's not going to be a valid excuse for any kind of pushback you get here.

[B]

I'll probably gamble after this episode, too. I know this is my last night in Austin.

[A]

It's Austin.

[B]

What else? Exactly. What else is there to do?

[A]

Go to the live show. They're on 6th street every night.

[B]

What shows tonight.

[A]

They're on 6th Street Every night. Every bar has a band.

[B]

Okay. I'm probably still.

[A]

It's free to go in.

[B]

I'm probably still gonna go to that.

[A]

Well, no, because I don't think you can stop. Even though you say you can. You should want to change from this conversation.

[B]

I could stop.

[A]

Then why aren't you? Because the entire 10 of this conversation is 2. Change your life.

[B]

Well, I. The plan moving forward is to cut back on some of the gambling.

[A]

It's always the plan after the conversation, guys. And with the indication of absolutely no change before coming on. Let me guess, you're just using an investing app that doesn't invest in you. It is time to change that. Right now Webull is offering up to a 3.5% match when you open an IRA with them. That is real money going into your retirement, not just points or coupons. And that's just the start. Deposit $100 and you get 30 days of Webull Premium anywhere from 2000 to $10,000 sitting around in your account. Move it to Webull and get $200 in cash. And if you worked your way up to $5 million, that's $30,000 in your account just for moving it over. It is not just about the perks though. Webull provides the tools that serious investors want as well. Trading view integration, real time data, zero commission trades. It actually works on all your devices. And now through September, you can stack even more. Get a $100 cash bonus for a $2,000 deposit, plus a 2% cash back on all deposits and a 30 day premium voucher and a 4% APY booster on any uninvested cash. It doesn't get better than this. So stop overpaying for a platform that gives you nothing back and make the switch to weeble. Go to weeble.com kaleb or hit the QR code or the link below. Let's get back to the show. What are you talking about? Dude, Dude. That's such a excuse. That's such a excuse. So you. Oh, right now.

[B]

Even when if I gamble and.

[A]

Yeah, well you certainly haven't in the last decade of your life. 971.18 is owed on here. Was max output retirement towards it, but started spending immediately. Minimum monthly payment is $53. 4 years to pay this off alone. Not even a thousand dollars. And it takes four years to pay off and you'll pay a total of 15. But we know it's going to be higher and it'll be longer because what do you do every time these balances get paid off because of a push or a poll from somewhere else? Well, they go right back up. And that's all you've ever done.

[B]

I thought about doing another balance transfer card.

[A]

I'm sure you did. And guess what? It hasn't worked. So why the do you think doing the same thing over and over again is going to lead to something positive here?

[B]

The idea was to change the behavior a little bit.

[A]

It's a grand idea. Why haven't you then? Because an idea is great. Great. The action that follows, even better.

[B]

Well.

[A]

Well, do tell.

[B]

Why?

[A]

I don't know. You tell me.

[B]

The. I'm. I'm not going to stop the golfing, the gambling. I can maybe cut. Cut back some on.

[A]

Yeah. Stop buying new clubs and go to cheaper courses.

[B]

Okay. I. I can. I can do that with the golf and the gambling. I can cut back to maybe once or twice a month.

[A]

To none.

[B]

None.

[A]

To none. Ah, to none.

[B]

Maybe not none, like once a month.

[A]

Why? I just don't understand. Because that'll just give you. No, because then you just fall back into it, buddy. Like maybe like on here immediately. The Japanese restaurant, Dairy Farmers. I don't know that. Hook and reel Cajun.

[B]

Yeah.

[A]

Something. Austin Landing. Pet Land. Austin Landing.

[B]

That's the dog food, I think.

[A]

Okay. Dairy Queen. Raising canes on par. Entertainment. Mint.

[B]

That's.

[A]

Yeah, yeah, we know what it is. Tsao's Cuisine.

[B]

S. Yeah. S. This Chinese place for lunch.

[A]

Probably good for lunch.

[B]

The best Chinese place.

[A]

Shout out to S. And Dayton, Ohio is where the best Chinese places, ladies and gentlemen. 100% 300 in interest this year so far.

[B]

That's not bad.

[A]

Stack it to everything else, buddy. This becomes 600 by year's end. Comes 600 by years end. Then at that point we're like, well, what are we at? $5,000 at that point. And interest across the few cards. We looked at three cards, $5,000 gone by year end. 5,000 hours taken away from your 90.

[B]

And that hurts a bit.

[A]

It hurts. It's not enough to do anything.

[B]

Well, I'm willing to cut back a bit.

[A]

I'm glad you have that sentiment. But again, you've done nothing. So again I will say. You can keep saying that. Excuse me, but. Or that deflection. But it means nothing because you've done nothing.

[B]

I think I've done a little bit. What I. I took out the 401k. See.

[A]

And that's.

[B]

I'm trying to lower the minimum monthly debt.

[A]

Doesn't matter because you're spending on all three cards we've looked at so. For so far.

[B]

So without any of the BS spending.

[A]

Three cards spent on you. Three cards spent on you. Three cards that you put your retirement fund to are being spent on their small purchases recently. Are. They're adding up just like before and they Will add up to a maxed out credit card.

[B]

I don't think it'll get maxed out again. I.

[A]

Why?

[B]

Because.

[A]

Why do you think that maybe, maybe.

[B]

I'll win one of these poker tournaments?

[A]

I'm gonna die, dude. That's the dumbest. Yeah. What a father.

[B]

Oh God, what a father.

[A]

It's true. Gave away your life. That's great.

[B]

Great.

[A]

Let's use that as our behavior change to pay off debt. You have a kid.

[B]

I do. And maybe one of these times I'll win and be able to pay for the whole entire college fund and more.

[A]

Okay, that's. That's real bad behavior, I'll tell you that.

[B]

I don't think so.

[A]

What? When you hear that back, you don't think that is gonna be just a dick head behavior back.

[B]

It brings it back to poker's a skill game. One of these times I'm going to win big, man. I'm telling you, if it was a.

[A]

Skills game then one of these times I'm going to win big. Wouldn't be the sentiment because that would be a luck based sentiment.

[B]

No luck. It's not luck.

[A]

Then you're not going to say one of these times if I play enough one of these times I'm going to win. That wouldn't be a skill based thing. You're saying that as it's all luck. Your entire worldview and sentiment around it is locked luck. Even though. Even though you say skills.

[B]

More like if the poker gods choose my time.

[A]

Okay, so if they choose, it's my time. So luck.

[B]

No, because you also need to have the skill understand ranges and, and yes.

[A]

You don't need to know how to play the game of poker. Who would have thought? But it is still gambling. Okay, Slate edge, what's happening here? Well, you didn't put any of the crazy money towards it, but you also didn't spend on it and it's well, basically maxed out. So. So what's going on?

[B]

Yeah, I couldn't spend on it cuz it was almost maxed out most likely at the time.

[A]

Why Is this a 4000 to be exact? 4017.49.

[B]

I.

[A]

You don't know why this is at 4000. 4000 is an insane amount of money. That is a substantial amount of money no matter who you are. 4000 hours is an incredible amount of money.

[B]

I think I put well a couple of purchases. I put a TV on that one, I think. And then that might be partial balance transfer.

[A]

Sick. Yeah, well it is 0% right now and I Guess that's why you're not attacking it. But it still takes 15 years to pay off. 15 years to pay off and it'll cost a total of $11,749 instead of the. For you on it now. Yeah. 65 inch TV for the office. That's what you got. Got some Amazon purchases, convenience or purchases. Bullshit. Bullshit, bullshit. Grass seed. Yeah. No, dude. So the minimum payment here is $40. That way you don't pay off what is necessary in order to pay it off. Before the interest free period ends, it will be at a 28.24% interest rate. Oh, good. Oh, it ended yesterday.

[B]

No, it didn't.

[A]

Yeah.

[B]

No.

[A]

You didn't even know this oh God guy.

[B]

No, I did not, Zachary.

[A]

This ended yesterday. $4,000. It is at a 28% interest right now. You're lucky there's no deferred interest rate. But that's crazy. It ended yesterday. You didn't even know. When did you think it ended? You?

[B]

I thought it ended in like two months.

[A]

Even still you wouldn't have paid it off in time anyway, but. What the are you doing?

[B]

I honestly didn't know when it ended. I. I didn't keep track of that.

[A]

Oh, with this balance alone, I mean the interest, what, what is it gonna be.

[B]

Like 1200 a year?

[A]

Yeah, pretty damn close. It's gonna be basically 100 bucks a month. 100 bucks a month just in the interest. So your numerous payment has to be about 120. So let's put it on to that.

[B]

Okay.

[A]

120Amonth it must be, man. Yeah, I mean. Okay, so let's get to the end of the year with that one again. Now we're probably looking at like $6,500 by year's end. You know, $6,600, something like that. Then total interest loss going to be approaching 10,000 before you even know it. Without the mortgage, without even the mortgage can have a, like a 15, 12, 13% cut from your pay alone just on interest.

[B]

And I feel that.

[A]

Okay, so here's another card. 49 is your minimum payment for the bank of America.

[B]

I think this one's 0%.

[A]

Until when. God knows how long exactly.

[B]

No one knows.

[A]

I'd be cope laughing too.

[B]

Yeah, yeah.

[A]

4,959.53 was maxed out. Put a little bit towards it from retirement. That's all gone. One doesn't matter anyway because we're starting to purchase. We'll ramp it right back up. 17 years to pay this soft one. The entire childhood of a kid, essentially. That's wonderful. Oh, good, you went into whatnot. Oh, good, you went into whatnot. Oh, good, you got some whatnot. Three times. You got some what now what is a whatnot?

[B]

It's like a streaming thing where you watch people and buy stuff that they're selling. What?

[A]

It's not even like tick tock. It's not even. What the. Is that it.

[B]

It's like a you stream. People will sell different things on there that they.

[A]

So you're literally watching. What is it, qvc?

[B]

No, it's just.

[A]

No, you're watching modern day qvc. Hey, that.

[B]

That sounds honestly, right? Yeah.

[A]

That's insane. Why would you go on a platform if you have a spending problem, don't have enough money, where the entire purpose of the platform is you for you to buy things that people are selling?

[B]

It was almost like gambling in a way because I got to spin the wheel.

[A]

What were you getting? Oh, no. What are you getting?

[B]

I got to spin the wheel to try to win a bigger prize.

[A]

What are you kidding though? What are we trying to win?

[B]

I. I bought some. Some Pokemon.

[A]

Oh, it is gambling.

[B]

Yeah. I spun the wheel hoping to win the biggest.

[A]

You never do. You never do.

[B]

I didn't. No. Sometimes I win.

[A]

Ends of December, by the way.

[B]

December this year.

[A]

December this year.

[B]

Not next year?

[A]

Nope.

[B]

That hurts a little.

[A]

How do you not know this? I mean, what you have.

[B]

I thought it was maybe longer.

[A]

Okay. I'm going to give you five months to pay it off essentially. So this needs to be $992 a month or it will not be paid off in time. Now, there's not deferred interest, so I'm not freaking out about that necessarily compared to your ones that are currently occurring interest. Don't try to touch my feet under the desk. We're not that kind of couple. I don't know, man. When did you balance transfer? Because the fee is not even this year. You must have had this for a while.

[B]

It must. I mean, I think it was like 18 months zero. So I had to be close to a year ago now.

[A]

So you paid to watch people open cards and then you.

[B]

No, the cards got sent to me. I just. I was trying to win. I got boys stuff.

[A]

No. Who would have thought?

[B]

Yeah.

[A]

What a joke, dude. What do you think happens? Okay. What? There's so many more. So much. It just keeps going. What? I don't even know what this is. It's a loan. That is current. $5,992.61 is that from the.

[B]

I took a loan from the 401k before withdrawing the 401k.

[A]

Buddy, what happens if you get fired? What happens if you lose a job? I know you work for the government. Guess what? What? What's the sector that's had the largest amount of layoffs this year so far? I'll tell you. Government more than the tech sector, which has had substantial. I'm talking hundreds of thousands. A quarter million people have been laid off this year from the government. And guess what? Supreme Court just gave Trump the ability to cut pretty much anyone he wants from the Department of Education. Which means as they continue down the line, who knows where the they're going. Even the Department of Defense isn't even safe. I don't know what department you work for. You're not gonna tell us and that's fine. And that's okay. We don't need that. That. But buddy, what happens if you get. Wait, 401k?

[B]

Same thing.

[A]

Okay.

[B]

It's the go. It's the government's version.

[A]

Gotcha.

[B]

Yeah.

[A]

Yeah. If you get laid off, they will call this due.

[B]

Yeah, that. They. They.

[A]

I know you don't have $6,000.

[B]

I don't.

[A]

You'll pull from your retirement again. 8,500 to pay for the 6.

[B]

If I had to. Yeah. That's what would happen.

[A]

Yeah. Let's go down to 5,000 from the 15 you have left left.

[B]

Well, you can't take out the employer's contributions, so I don't know even if I would have any. I probably have zero to get.

[A]

Now what are we doing? Buddy, I'm glad you just got a raise, but no offense, when they're going doing the chopping block on a government on the government list, I don't think they're really caring as much about who the a players are. 100% way too bloated, way too bureaucratic, way too many handshakes and whatnot.

[B]

I'm more in the nitty grittiest stuff, so though.

[A]

I hope so. But guess what, buddy, They're. They're trying to get in there.

[B]

I know.

[A]

They're shipping away. Yeah. It's not even just that anymore. It's. It's. It's true. Crazy. Okay.

[B]

So that's what that loan is. I. It was like 7,500 when I did it.

[A]

So that's your TSP loan. Okay.

[B]

I don't know what rate. It's like three point something, I think.

[A]

But it comes out of your. It's a BI weekly of $122. So before your pay even hits, by the way, it's like 300 because it gets taken out before your pay hits.

[B]

Yeah, I never see it.

[A]

Man. I don't see the interest rate either when you borrow this. You did it before you pulled money?

[B]

Yeah. When and what was it for last year around Thanksgiving. For why I, they're still making no money. And that was like the end of me racking up all the credit cards. I had no more money left. I racked up every bit of card I had. And so I was, was using it to survive until I got the raise.

[A]

It was hard. But even when you're making money, you had money left over even.

[B]

No, I didn't.

[A]

Well, not at that time. No. No, not when he had every card racked up.

[B]

Right?

[A]

Yeah, you're right. Those minimum payments alone would push you over the edge. But before you racked up the cards. Yes, you could have made it. And you said you didn't have the cards racked up until after she left, which means you started racking them up still continuing the lifestyle. You still wanted to have less than a thousand hours left over at the mortgage. That is hard. You could have squeezed it. We could have gone and leaned. We could have borderline broken even or just gone slowly into that because maybe an extra 500. But you wouldn't be where we are a year and a half later now.

[B]

I didn't change any behavior. I still.

[A]

And why would we, for the sake of our child, cope, I guess.

[B]

Lost a five year girlfriend, maybe, I don't know.

[A]

I was, yeah, she walked on her knee. It wasn't even a choice.

[B]

Yeah, it wasn't.

[A]

Oh, by the way, as soon as he took this out, he took 650 of it to the casino.

[B]

And I lost it.

[A]

And you don't think you have a problem?

[B]

I don't call it a problem. I, I, I think I'm going to win here eventually. I, I'm, I'm willing to cut back on some of the gambling.

[A]

Some. Which means none. It's alcoholics. And they're cutting. They're willing to cut. No, you got to at least.

[B]

I'm not into alcohol, drugs, any of that stuff. I don't smoke any nicotine devices, anything like that.

[A]

I think that makes this okay.

[B]

It's like my vice, I guess, a little bit.

[A]

Get a better vice. Goon. Goon. Go. You're single.

[B]

Maybe. Maybe Austin has been good to me. I don't know, man.

[A]

Austin's good. Austin's great. Most people are fit in Austin. I'LL be honest, but I don't know.

[B]

I've been around quite a few places. It looks just like every other place in America.

[A]

You go to degenerate places. Austin is one of the healthiest cities in the country. Statistically. All this barbecue people are very active. Active. You went to the degenerate places?

[B]

Yeah, yeah.

[A]

Went from 19,000, withdraw 10,000 but deposited 3,474. So left our retirement of 15,000. So stupid. Oh yeah. Employer is 14,000, you is 6,985. Oh yeah. And that's what you borrowed against? 100%? Essentially.

[B]

Yeah, yeah. Pretty much all that's left is the whatever the employers put in.

[A]

I don't know. The fact that you allowed life to get like this and then pulled from it and immediately when gambling. If that isn't the biggest wake up call, I don't know what the is. And if you don't see that, that's disgusting. And if you don't see this, which I didn't even know is also disgusting because guess what? Apparently owe your grandma $5,000 for what?

[B]

That was a few years back. And you.

[A]

Years back for what?

[B]

It's like the end of 2022.

[A]

For what? It wasn't her fault. Fault?

[B]

Well, it covet happened.

[A]

We got kicked out of 2022, you said?

[B]

Yeah, I got kicked out and of my dorm and then we moved in with an apartment with the girlfriend.

[A]

2022. And I know Ohio was not a lockdown state for very long.

[B]

No, but I didn't have a job until.

[A]

Why that's on you.

[B]

Well, I had.

[A]

It was the best job market for employees in the history of effort.

[B]

I was trying to sell insurance for a little while. That didn't work. So I had like a year of just trying to sell insurance and not doing a great job at it.

[A]

Sake.

[B]

Yeah. Yeah. So I just.

[A]

What kind of insurance?

[B]

Like life and health insurance.

[A]

And we're taking health insurance from you? Okay.

[B]

Yeah. I was hoping maybe that's why it didn't work out.

[A]

Yes, probably why it didn't work out.

[B]

I feel like I can talk about needing life insurance, right?

[A]

Yes. And having to pay more for it, most likely. So you had to use it for what? 5,000 from grandma to just straight up survive.

[B]

I just used it to pay the bills for.

[A]

Funny how many times that's happened in your early adulthood life so far.

[B]

Yeah.

[A]

Okay. Do you have a minimum through payment towards her? How does this go?

[B]

I've tried to pay her a few times and she's turned down me Handing her any money. So all the times so far, it feels like a gift Now.

[A]

Well, hold on. But I was agreed upon when we.

[B]

Had the conversation, we agreed upon it. She said it was a loan, but then I've tried to pay.

[A]

What have you tried to pay?

[B]

Like a hundred bucks here and there.

[A]

Okay, well, come on. If she sees you paying $100, she's like, oh, he's.

[B]

100 is better than zero.

[A]

I know. I'm saying if she sees a hundred for the 5,000 she borrowed you, she sees that as you're still struggling.

[B]

Well, at this point, if she let me pay, I tried to pay monthly. I tried to pay monthly to her 100 starting the first month. And then she said no. The first month.

[A]

I don't think you understand what I'm saying.

[B]

I don't think I do then either. What do you, what do you.

[A]

When she's seen her grandson who she lent $5,000 to towards only try to give her a hundred dollars, she sees that, oh, he doesn't have much money because he's not giving me much for that five. He's probably still struggling. So she's bringing out her empathy.

[B]

And when I had, when we had set this up, it was like, I can pay you $50 a month. Really was all it was.

[A]

Okay.

[B]

And then I tried to say 100.

[A]

Hopefully we get to 100. At some point you might just have to force it because you should pay it back. But it's not a hardcore emergency. As we half. Oh, there's still more. Okay, what is this? Good loan of $6,467.62 with Christian Family.

[B]

Credit Union Credit card debt consolidation loan.

[A]

Oh, for sake. Consolidation. So you've transferred, you've consolidated, you 401k loaned and you've.

[B]

And I still have this much from retirement.

[A]

Okay, so four times this has happened. You've never changed your behavior? No. You're do never try to take a shortcut again. The only way you're going to get out of this is changing your baby. That's the only way you're going to get out of this. That. That's it. There's no more. Outside of that. There is no more. Oh, for sake. $6,467.62. Minimum monthly payment $320.29. What's the interest?

[B]

9.

[A]

It's insane. Better than a credit card. Sure. But doesn't matter if you build the credit cards all the way back up again and oh boy, does he. And it's a good loan. Thank when did you do this?

[B]

I honestly don't.

[A]

What the is wrong with you?

[B]

I don't.

[A]

Dude. You have no ability to do anything.

[B]

It hasn't been that long. It's been less than a year.

[A]

You refuse to cut back on anything especially any of the addictive things. You don't know how much you spent last month. You don't even know when your debts are. You didn't know that your interest has started accruing yesterday on one of the credit cards. You're a failure and yet you're a father and that is horrible and it is sad because that kid did not consent to come in this world sake. What a horrible life. What a horrible life you've brought upon that child. Child.

[B]

He's living a pretty good life right now.

[A]

His parents are separated.

[B]

He can't see the the finances. He can't see the.

[A]

Yes, he's four years old. He will see the stress. He will see that oh why isn't why isn't dad's cousin of my friend living with their dad? What the like you know why why doesn't happen anywhere else we must what's.

[B]

Going on That's a reality of is.

[A]

My dad his gay cousin? I don't know. Listen. It's weird no living with a cousin.

[B]

No just real split parents happen a lot more Reese nowadays they do but.

[A]

It still sucks for your kid and I agree.

[B]

I wanted to stay together for that reason you guys.

[A]

Well that may not have been the best either but what would have been the best is you wrap it the up when you know she gets off birth control. If you guys had a three year.

[B]

Bad relationship wasn't bad the whole time.

[A]

Come on. You basically established that it was don't.

[B]

Try to back there was a lot of of bad to it. This is where I'm at. I'm kidding. I'm coming here to try to fix.

[A]

It Shut the up Sally made this dumb I agree but you're the one who also get it Got it. I paid mine off.

[B]

Why the haven't you it's on payments.

[A]

I yeah at 13.5 interest yeah okay he owes okay he borrowed 11,583 it's up to 15,000 now because I didn't.

[B]

Have to pay on yeah no years.

[A]

And you could still do that and they will still allow it to go up for a while and punish you more. $246 and 2 cents. That's what you owe.

[B]

Yeah.

[A]

On a monthly basis at a 13.5% interest unpaid interest in fees. No Fees, unpaid interest and fees. You.

[B]

I thought about trying to figure out a way to refinance it into.

[A]

Yeah, there are some good student loan refinance things. We like y refi.

[B]

But will that be good for my situation?

[A]

The rates are below six for what it's worth. But I think. Do loans have to be in default for that sort? But with that, loans have to be in default. So it's a little different. But that is for private and this is private.

[B]

Private.

[A]

Not saying necessarily go into default, but it's, you know, you're on. You're on that. Oh my gosh. And then there's federal students. What. What did you go to school for?

[B]

I just. I have a bachelor's and a master's.

[A]

I asked what did you go to school for? You.

[B]

I went to school for finance.

[A]

Okay. Oh my. And your master's degree too?

[B]

Master's is just general mba.

[A]

You have an mba. You have.

[B]

To be fair. My job paid for the MBA federal student loans.

[A]

This one's a little less at $4,013.11.

[B]

My job paid off 30 of it over the last three years.

[A]

29 minimum to payment. You're lucky for that.

[B]

Should be about 34 if I. Yeah, about 50.

[A]

I'd say about 50.

[B]

Yeah. Yeah.

[A]

You're an income base.

[B]

I'm not on anything right now cuz I. My job just stopped paying for it like a month or so ago. So I'm ahead. I need to set that.

[A]

Job was paying for the student loans, correct?

[B]

Oh, they were paying off and I was getting taxed on that money. They were going towards that. So that just ended. So now I have to come up with how I'm going to pay how much I'm going to pay per month on that amount. And I haven't decided that yet.

[A]

Yet. Oh, 2.7%. I would just do minimum required until it's paid off. Honestly, the rates are so low, it doesn't make sense to pay it off over any other debt. How is there still more debt? Okay, this is a mortgage. Here it is a little bit of an equity position selling it with. We voted less than two years, so you still would have to pay capital gains taxes on if you sold it from any profit you make.

[B]

How many years till you.

[A]

Two years.

[B]

Two.

[A]

Yeah, it's been. But even still, if you do the full seller and buyer commission, so 6% total, I don't know how much you'd walk away with.

[B]

That's why I didn't re. Try to do it already.

[A]

When we refer, even when you refinance, there's still closing costs and whatnot. It's not necessarily a cheap process. Can save more over a long term. But you still have to come to the table with money. 229 $975.86 is owed, I think.

[B]

Plus the down payment assistance.

[A]

Yeah, probably. Do I have to.

[B]

It should be. It's.

[A]

Is this in this or in a different loan?

[B]

It should be in that US bank loan. It's all paid in one payment.

[A]

It.

[B]

So it's. I know I owe closer to 240 than. Than 230. I know that it's like plus 10k.

[A]

Okay. 28291 is your mortgage. Ask for all the goodies. I don't see it with the other part.

[B]

Insurance is included in that. Yep.

[A]

I mean that. Yeah, it's chunky down paying resistance. But yeah, maybe you shouldn't get into a house until you can afford to at least put 5 to 10% down. And I know it's hard because housing prices have only gone up. So that is difficult. But look where you are if you. I'd rather you not get than have a house. Honestly. 967 starting balance ended with 5. But this is because we pulled out from the retirement. Yeah, I did a cash withdraw. $300. Who knows where the that went. Apple Bill, Best Buy Club, WPT Gold. What is that? Oh for sake. Golfing. It's endless. Golfing. Dairy Queen, Venmo. Golfing the club. Going and getting some BS. Golfing. Apple Bill, Tokyo Grill, McDonald's, McDonald's. Apple Bill, Twin Base Golf Golf. McDonald's Topper, Phantom Golf, poker, casino, ATM drop fee. This episode is brought to you by Lifelock. When you visit the doctor, you probably hand over your insurance, your ID and contact details. It's just one of the many places that has your personal info. And if any of them accidentally expose it, you could be at risk for identity theft. LifeLock monitors millions of data points a second. If you become a victim, they'll fix it, guaranteed or your money back. Save up to 40% your first [e-mail] podcast terms apply. Great. Wonderful. What a life we're living. All right, well buddy, listen, I let, let, let me budget you and try to figure out a way out of this. But the fact is if you don't change your gambling and unfortunately even golf habit like, you're not getting out of this. So $4,500 is what hits man. It would be about 5,000 if we didn't have that TSP loan. So debt, minimum, monthly payments without all that is $1,213.30. Yeah, I would also agree substantial. That is 27% of your pay. Okay. Mortgage. You say it's 25 because we conclude the other one. Right.

[B]

It's 2082 for everything.

[A]

Oh, okay. Good, good, good. You suggested 25 earlier, but $2,082.91. Okay. Oh, WPT is gambling online.

[B]

I was just going to let you blow past that.

[A]

You're a degenerate.

[B]

All those.

[A]

You're an addict. All those WPTs were utilities, gas, Internet, all combined. How much?

[B]

Utilities, gas, Internet. We got 53. Roughly 350. Phone bill, mom pays it.

[A]

Gas. Vroom, vroom.

[B]

Drive, drive, gas. I'm gonna have to say about 160amonth.

[A]

Car insurance.

[B]

Mom pays the car insurance.

[A]

You're a joke. 200 TP fund you and your kid. You and your kid. Groceries, 550. Meal prep. Use our butcher friendly cookbook. All that good stuff that you get with the premium version annual of dollar wise or by join. Dollar wise Central. Either or gets you there. But medical healthcare co pays anything monthly basis. Texas.

[B]

No, I don't. I don't really go to the doctor for anything.

[A]

How much, Jim?

[B]

16 something a month.

[A]

I'll say 17. Let's say subscriptions about. Let's call it 40. Pet insurance. How much?

[B]

I don't have it.

[A]

Yeah, pet.

[B]

Yeah.

[A]

Just how old and age of Archie?

[B]

He's five. And healthy. He's healthy.

[A]

Okay. Let's call it good. Pet insurance is ranging about 70 bucks these days a month for that covers it with low deductibles and whatnot. Okay. Anything else that needs to be in this budget that I have not calculated.

[B]

The golf.

[A]

Would you like to die?

[B]

The golf is something. It's something I'm gonna do. If we can put it in there.

[A]

I'm gonna see where we're at. Shouldn't be more important than your kid.

[B]

But I can cut back some on the gambling.

[A]

Oh, can you? Because right now it's 4683.21 without golf or gambling and you make 4500. So you all right, buddy? Buddy? Never mind. There's. Listen, you're not picking up more hours or anything. This isn't a thing. You what it is. Change your behavior for three months, prove you've actually done it, then declare bankruptcy. That's probably your best way out.

[B]

Bankruptcy?

[A]

Yeah, actually, probably. You're over your budget. You're working a full time job. Go pick up a second job. Except you're kind of a single dad half the time, so it's going to be hard. Listen, is mom nearby?

[B]

Yeah.

[A]

Can watch a kid. Okay. Pick up a second job.

[B]

She also works a second job.

[A]

Runs in the family. Okay, well, if you can pick up a second job and figure out a way to do it, you can pay off this debt and the bat. Non mortgage, non federal student loans would be a. Wow.

[B]

It's gotta be like 40k.

[A]

No, it's more than that, you dumb tip hit. I'm saying if you bring in an extra even $500 a month, man, and it still takes 100 months to pay off, so. And you're already under and you have to bring in an extra beyond that, what you need to make up and that's eight years, which again, that's like the length of bankruptcy. So on your credit, it's not great. I don't always recommend it and it's not cheap in it. It's not unstressful either. But I don't know, that's just kind of.

[B]

Is there anything I can do not to not declare bankruptcy?

[A]

Yes. What I just said go work extra. A second job. If you bring in 500, it still takes 8 years to live on frugal without gambling or golf. So with gambling or golf, you need to bring an extra $2,000 a month to make any progress whatsoever. That's where you are, buddy. You this. You've done it. You've hit that bottom. You're there now we're not on the way. You hit it. Spending in a budget score. You overspend. 0 out of 10 debt score. Well, it's a barred against your 401k. 0 out of 10 emergency fund, don't have anything in savings. You're out of 10 retirement. It's with the borrowing against it and all this. It's really bad. It's. It's. But now it's just only employee contributions. 2 out of 10 real estate. You have a house, you have an equity position. It's not great. You have a double debt on it. It's pretty. It's not amazing, but at least you have an equity position. 5 out of 10 still a position to be in. Regardless. Hammer Financial school rounded up 1.5 out of 10. Come join Hammer Elite, the best membership on YouTube. Come join us for an extra 20 minutes of this episode. The financial auto post show and three shows posted daily. See you guys there. This thing that you do to have fun is ruining you financially I'm positive. Now I'm gonna call on this. Do you have a spreadsheet you can show me?

[B]

500 covered every bit of losses I've ever had and then some. I'm now positive.

[A]

I want to call your grandma right now. You are starting to pay her back today. Call her Exclusive Members Content Click the link in the Description or pin comment below and watch thousands of hours of extra and uncensored content.