Transcript

A (0:00)

Hi, my name is Brandon. I'm 19. I'm based out of Dallas, Texas. And this is Financial Audit.

B (0:05)

We have not had someone, like, under 2025 in a very long time. Oh, interesting, because we used to have a lot of people in your age range, but we, you know, to diversify, we were accepting more people from the audience who were, like, in their 30s and they're, like, late 20s and stuff like that, so. Interesting. Okay, just. Just. Just back to. Back to the classic. But it's cool. So what do you do for a living? Or is this school, or what's going on up in Dallas with you?

A (0:37)

So I kind of work two jobs at the moment, and I just added a third. And I'm going to school right now. It's an online school, like, based out of Georgia. So what's it called? It's Ashworth.

B (0:50)

Oh, okay. I thought it was gonna be us, because I know there's, like, this school somewhere on the east coast that a lot of people do online.

A (0:56)

I think it's like, Penn or something. State or something.

B (0:59)

Well, I don't think. What are you studying there?

A (1:02)

Psychology.

B (1:03)

Psychology. Is this your second year, then?

A (1:05)

I'm in my fifth year. Well, not fifth year, fifth semester. My bad.

B (1:09)

Fifth semester. So you're starting your third year, though?

A (1:12)

Yes.

B (1:13)

Very cool. Did you graduate high school early?

A (1:17)

So, yeah, I'm not really, but, yeah. I don't know how to, like, explain that. Kind of, like, got kicked out of, like, the traditional high school, so I had.

B (1:25)

Why would you get kicked out?

A (1:28)

Because when I first moved to Texas, I. I was at work more than I was at school, so then, like, truancy, and then I didn't respond what truancy was saying, and then they just kicked me out.

B (1:37)

Oh, I thought you were gonna say this because you're a little delinka. I was a delinquent in public school, so I would have been totally okay with it because it doesn't mean you're not gonna go anywhere, and it doesn't mean you're not gonna grow as a person. So. But that's totally. That. That makes sense. So did you end up going and getting your GED or something, so you go.

Summary

Financial Audit – "Sugar Baby" Blows All His Sugar At Casinos

Host: Caleb Hammer
Guest: Brandon (age 19, Dallas, TX)
Release Date: October 6, 2023

Episode Overview

This candid Financial Audit episode features Brandon, a 19-year-old student from Dallas, Texas, whose financial journey is marked by work hustle, debt missteps, impulsive purchases, and formative (and sometimes wild) teenage experiences—including gambling and being a (non-romantic) sugar baby. Caleb Hammer confronts Brandon’s choices, unpacks his spending habits, and offers tough love on how to turn things around before poor patterns become lifelong problems.

Key Discussion Points and Insights

1. Brandon’s Background and Education

Work and School Load: Brandon juggles three jobs (sometimes up to 75 hours weekly) while attending Ashworth College online (psychology major, semester 5).
Nontraditional Path: Kicked out of high school for truancy due to working (e.g., Taco Bell shifts up to 160 hours/month), he completed an accredited online diploma after a false start.

2. Early Financial "Wins" and Blunders

Big Paychecks, Little Foresight: At 16–17, Brandon worked a lot, making as much as $2-3k per paycheck at Taco Bell, but had little financial guidance.
Expensive Life Lessons: Wasted money on an unaccredited school, paid more for an accredited one, demonstrating a pattern of seeking quick solutions at high cost.

3. Debt Spiral and Car Drama

Personal and Auto Loans:
- Took a $2,500 personal loan in teens “just to have,” at 13.59% APR, now $996 remaining.
- Bought a $33,000 car (with dad as reluctant cosigner), then disliked it and quit job, leading to more borrowing.
- Later bought another car; ended up with $19,502 at 14.84% interest because of rollover debt and insurance complications.
Caleb: "Way more car than you need at your age... Trying to go to college, having to work three jobs, 25 hours minimum at each job."
(11:04)

Brandon: "I just wanted to call, like, my first car. That was my favorite car."
Caleb: "Yeah, I'd rather you not have debt. How about that?"
(16:10)
Poor Justifications: Consistently upgraded cars instead of opting for reliable, inexpensive transport, often for superficial reasons (like the sound system).
Insurance and Accidents: Multiple coverage scenarios, one totaled car, and gap insurance that saved him once—but led to holding multiple loan balances at once.

4. High-Interest Credit Card Usage and Cash Advances

Credit Card Debt: Opened a USA Visa at 18, carrying $4,181 (23.15% APR), using cash advances without understanding their cost.
Erratic Payments: Despite regular income, credit card balance barely decreased due to cash advances and fees.

Caleb: "Cash advance is like the worst thing you could possibly do from a credit card."
(19:36)
Banking Structure: Several savings accounts for "impulse" control, but money moves in and out—these are not real savings.

5. Impulsive and Addictive Spending Patterns

Jewelry: Spent $15,000 on jewelry in the previous year; much of it now sits unused.
Gambling:
- Slots, Scratch-offs: $11,000 in a single year (age 18).
- Still occasionally buys scratch-offs (e.g., $150 at 7-Eleven, (35:45)), claims it’s no longer a recurring habit.
Brandon: “Last year was bad.”
(37:00)
Caleb: "You spent $11,000 last year at 18. At 18. On gambling."
(38:10)

Brandon: “I don’t recommend it at all. It’s like a full time job and a lot of these people are creepy, so.”
(30:55 – regarding being a sugar baby)

6. Past as a "Sugar Baby"

Teen Sugar Arrangement: At 16–17, received up to $5,000/month from a 68-year-old man (non-sexual, but for company). Ended it due to discomfort and safety concerns.

7. Income, Budgeting, and Stalled Progress

Monthly Income: Averaging ~$2,200, with upswings from Instacart.
Current Expenses:
- Debt payments: $723/month
- Medical debt: $120/month ($700 total for panic/heart attack hospital visits)
- School: $351/semester
- Minimal to no rent (lives with mother), little food budget (mostly covers personal care).
Budgeting Attempts: Knows about 50/30/20 budgeting but not consistently applied. Struggles with discipline and follow-through.
Caleb’s Summary:
"You’re pushing back on everything... Lean on those who know more than you. It's ok to accept you might not know everything."
(45:14)

Notable Quotes and Memorable Moments

On Car Mistakes:
Caleb: "I'm not going to be able to justify 14.84% interest rate on... really, any debt. But if you're gonna have debt, you're not in the point where we can potentially come close to justifying it."
(16:15)
On Gambling Addiction:
Brandon: "Friends used to joke with me, they'd be like, you need to call that number on the back of the thing."
(37:40)

Caleb: "If you go back and you end up doing that, please recognize you have a problem. And then please seek help, mental health wise."
(38:42)
On Stagnant Progress:
Caleb: "For this last year that you've been watching the channel, you haven't sat down once and looked at where your money was going?"
(42:36)
On Mental Health and Addictive Tendencies:
Caleb: "I think mental health is important in this... I'm scared about that. So I want you to think about that and pursue a couple things."
(57:58)
On Being a Sugar Baby:
Brandon: "I was always thinking... money was always coming in, like, do a sugar daddy... I don't know if that's, like, really..." (28:33)
On Parents Being Right:
Brandon: "That's what my stepmom tells me all the time."
Caleb: "And she's right. And your dad was right about the car."
(60:12)

Caleb’s Financial Roadmap for Brandon (53:58–58:30)

Emergency Fund:
- Build a one-month emergency fund first.
Target Debts in Order:
- Pay off medical debt ASAP (two months).
- Pay off personal loan next.
- Stop all savings contributions while in high-interest debt.
- Pay off credit card (6 months, $4k balance).
- Tackle car loan last (up to 20 months).
Stop Problematic Habits:
- Cut up all credit cards—Brandon is not a “credit card person.”
- Consider therapy or group support for impulsive spending/gambling.
- Sell jewelry to quickly accelerate debt payoff.
Long Term:
- Once debt-free, fully fund 3–6 months emergency fund.
- Switch to 50/30/20 (or 40/40/20) budget, investing 20% minimum as income increases.
- Focus on a career in nursing if that's the goal—pivot coursework now.

Important Timestamps

00:00–03:12 – Brandon’s background, education, and work ethic
04:18–14:17 – Early debts, personal loan, missteps with car purchases
19:00–22:57 – Credit cards, cash advances, payment mistakes
25:05–28:24 – Impulse spending, jewelry story, explanation of multiple accounts
28:33–31:45 – Life as a sugar baby
35:42–38:38 – Gambling confessions, $11,000 loss
42:25–44:47 – Budgeting issues, why he hasn’t changed
53:58–58:30 – Caleb’s step-by-step plan for Brandon
58:05–60:15 – Final reflections, optimism, and warnings

Tone and Style

Caleb: Direct, tough-love, pragmatic, but not judgmental. Frequently peppers advice with real world examples and relatable analogies.
Brandon: Open, honest, self-deprecating, occasionally defensive but receptive to advice.

Final Thoughts & Hammer Financial Score

Hammer Financial Score: 1.5/10
- Spending/Budget: 3/10 (unnecessary outflows, inconsistent tracking)
- Debt: 2/10 (could be worse, not in collections yet)
- Emergency Fund: 3/10 (some effort but not where it should be)
- Retirement/Investments: 0/10 (age-adjusted, expected)

Caleb: “[Brandon] has a really bright future ahead of him if he actually follows what we talked about... But he will be a 5 out of 10 before he knows it.”

For Listeners

Facing similar issues? Assess your debts, be honest about addictions, cut up credit cards if you can’t use them responsibly, and don’t be afraid to seek help.
Don’t repeat Brandon’s mistakes—especially with high-interest car loans, gambling, or living beyond your means due to “easy” money.

Key Takeaway:
Brandon’s story is a whirlwind of hustler energy, teen mistakes, and evolving maturity. With honest self-assessment and heeding expert advice, it’s never too late to recalibrate and lay the foundation for a healthy financial adulthood.