29-Year-Old Owes Her Mom Thousands Of Dollars | Financial Audit

hi my name is Nina I'm 29 I'm based out. of Austin and this is financial audit. what do you do for a living in Austin. my main job day job is legal assistant. but I have like three four of those side. gigs really okay so Legal Assistant well. let's start with that what do you bring. in Legal Assistant after taxes about 4K. a month very nice Okay cool so. It's relatively comfortable yeah. happy with that yeah cool and you have.

like four other side houses you said. okay what are they walk us through them. uhhouse sitting dog sitting along with. grooming uh is that like Rover yeah I. used to do Rover but I got enough repeat. clients and Word of Mouth that I don't. use Rover anymore oh cool they're just. like hey are you free this day and I'm. like yeah and they're like whoo and it's. like I get a mini vacation I get like. 200 bucks for like two days okay so and. then uh content creation all the social. media platforms as you know okay and. then it's not a paid gig but I clean a.

cemetery on the weekend just. all right it's fun oh okay thrilling yes. what are what do you think you bring in. on a monthly average all side hustles. combined not the legal not the legal um. let's see house sitting dog sitting. content creation film gigs probably. a month maybe a grand bad month maybe. 200. so we'll call it 500 yeah. so we're looking like four thousand five.

hundred dollars a month now with these. side hustles if they are bringing like a. thousand dollars a month plus your four. thousand dollars post tax you will have. to pay a little bit of extra taxes. annually setting any money aside for. those yes I am keeping all the receipts. and marking down what is a business. expense which is what are you saving our. money on the side for the paying the. taxes. yes and no. yeah probably not as much as I should. well what do you do what do you do do.

you do like a percentage or a number. no I just wait till tax season and then. I Turbo Tax with like that like higher. professional and usually whatever I make. in tax return is enough to cover it. because but you do claim all these extra. things or you get like a 1099 or. anything like that. yeah I do claim them so it's they're. just like oh how do you get around I'm. like I Uber and they're like that's a. business expense yes sure so it's like. and that's how you get around everywhere. you Uber I barely leave expensive oh oh.

yeah I was like I only leave the house. for my side gigs what do you spend a. month in Uber. maybe 100 200 I don't leave too often. [Music]. 100 200 yeah I mean that could 100 could. be gas if you had a car but but then you. got to worry about it breaking down and. then car loans and then an insurance I. mean there's definitely choices there. yeah that would be made but it's gonna. know so how would you from your. standpoint describe your overall.

financial situation. oh and just a quick note please consider. subscribing as subscribers really help. this channel grow and thank you for. everyone who has subscribed so far. thanks. I would think very good very good yes I. mean all right I mean scientists say. once you hit 75k a year that's Peak. happiness anything you gain beyond that. you're not going to be happier so I'm. making about 70. so I'm like I'm pretty. happy. I'm pretty happy with where I'm at in. your overall finances you think are. pretty good I would I'd say so okay well.

let's find out we have a checking. account started with two thousand. dollars ended with basically two. thousand dollars six thousand nine. hundred and six Thousand Seven uh 800. out. a lot of money in a lot of money out as. well though there's lots of PayPal. transfers where are you transferring. things PayPal. so many transfers 250 32 675. 000 thousand dollars five forty seven. thirty one yeah so the Thousand most. likely to my mother because I'm paying. back her because she paid my college.

all right well let's figure that out so. what are you paying back and how much. and how long and what uh it was 80. I. only have five left oh thank goodness. and yeah so I've been paying her about. like a grand or two like every other. month. for how many years. 80 down to five that's incredible. progress. um let's see I graduated in 2015. I paid. off the main government loans.

2018. on top of the 80. okay yeah the whole load would you. graduate with uh Bachelors of Science. from where so much debt full sales. University in Florida oh crap yeah. everyone was like that's the bachelor's. degree in video games. yeah no don't don't worry like there's. only five thousand hours left out of. everything this is your mom yeah just to. my mom I don't owe the government. anything I haven't owed them anything. for you so you know mom Bank no interest. rate and she's like pay when you can I'm. like.

so I was like I would highly advise yeah. I got five left and I've been pumping. like a grand or two. so I'm just like sweet we got this raise. I'm gonna you know finally pay her off. and then start setting aside for savings. okay I see you're selling out money for. a dog grooming as well I thought you. groomed I did groom but they're my. roommate's dogs. and these dogs are very temperamental. with their nails why are you selling out. money for your roommates dogs.

and I've been asking them for months no. that's stupid it's their dogs make them. pay for it or don't do it. or just cut their nails I try but they. they bite. so these other transfers out though. besides the couple thousand you know. still a lot 650 32 112 five dollars. seven dollars what are we doing uh if. it's the larger 100 amounts that's gonna. be my mortgage most likely and the. smaller stuff is probably just good okay. so you own a home I do own a home okay. cool. you own a home so you're a homeowner.

what was the purchase price of this home. 273 when did you get it. right we bought it in 2019 so we moved. in March 2020. we bought it yeah we oh. you and a married spouse no no me and a. friend with his husband. so you're on a triple mortgage. technically it's two like both of us. legally on paper should have the house. 50 50. but yeah but then they're legally.

married so yeah they're married unless. they have a prenup. yeah but it's like why why did you get a. mortgage with a friend that's so risky. I've been with them for like five years. at this point five years okay that's. still super risky. it's working out great so far so far. I've had people on the show that got. into debt with friends or partners that. you know weren't married and it has not. gone out well what if something bad. happens like what anything any kind of. Rift in the Friendship that's bad it's.

risky it's risky it is risky that's why. I'm planning to get out of it you're. planning to get out of it okay because. it's risky no because I want my own. place why'd you guys go into this. purchase uh rent was getting higher so. where we were living before wrench was. like 1500 for us and then it went to. 1600 then 1800 then it was 2200 and. we're like. at this point you might as well just get. a mortgage because when we did get it. mortgage was like back to 1800 so we're. like.

why not just get a house we want to live. here forever why not put something that. has value in it and we don't have to you. know respond to a landlord be like hey. landlord the water heater is broken. again can you come out and fix it and. then they take months to get back to you. so how are you in your mind getting out. of this mortgage what's your plan here. we are going to refinance and during the. refinancing process now with our rates. are not now we're gonna talk about it. because we looked at it three months ago. and they're like the interest rate right. now is like awful and they're like call. us in three to six months we're like.

cool we're gonna call we're gonna find. out but during the good interest rate. whenever that does come back refinancing. will take me off put them back it could. be a long time you're okay with stomach. in this risk for a year two years three. years four years who knows we don't even. know if it ever will be those low. interest rates again. that's true but then again I could. always just move out of Austin and go. somewhere else yeah still. be on the mortgage well if I get. refinanced I'm gonna be taken off of it. and we're putting his husband on it so I. know but they're okay with refinancing a.

high interest and losing the steal of a. rate that you guys probably have no I. don't think they're going to do it until. it's like the same or lower. as what's the rate. I think we're three point seven okay. what if it doesn't go that low. then you're on this forever. possibly that might be something we. might have to discuss and that's why we. don't do this that is okay. okay you want your own place you.

mentioned so are you going to get it. regardless yes. okay when do you want to get your own. place. as in purchase you're in place I'm. assuming yeah ideally whenever the. refinancing thing happens hopefully. within the year I would then take out. the equity which would most likely be. about 60. K and use that as a down payment for a. home. hopefully within a year or two a year or. two. yeah but all that depends on rates okay.

yeah Google Phi. and is that internet or what is Google. Play phone okay. service or the phone uh the phone so you. have that phone financed at 82 a month. no I just used a lot of data that month. oh it's one that's like pay as you is. that oh don't do that I have unlimited. at 70 a month like mine sometimes it's. only 20 bucks a month yeah and sometimes. it's way over.

okay and what are we doing alert 360. Security home security yeah that's fine. Wells Fargo advisors a thousand dollars. was transferred over. I'm assuming to my uh credit card. okay paying off the credit card. well let's talk about that credit card. then do you ever hold balance this on. your credit card. yes right yeah I have I have stuff to. pay off on that okay.

so well I didn't see any interest. charged or fees yeah. so are you in an interest-free period. Then I think it's my because I opened. that account when I was under 25 and. they have these like weird little. special boxes of like hey if you do. these you won't be charged an interest. rate. so I've just been checking those boxes. every month well you had a previous. bounce thousand 990 but you paid. 2696. then you had other credits I'm. assuming you traded some.

either some things are returned or these. are like the uh the bonuses that come. with the rewards that come with the card. yeah but new purchase of. 2549 credit limit of 8500 New Balance. 2549 so. and will that whole thing be paid off by. next month yeah okay so you don't really. hold balance then okay gotcha now this. is a fun card this is all there's really. barely any needs in here right yeah we.

have. steam purchase and we'll go back to that. eBay GrubHub terribly expensive way to. get food Amazon Delta Air we're. traveling looks like to Detroit and more. Delta Air seat fees and steam purchase. and blurb.com the Lions travel Escape. hour. idea board PayPal and Joba design and. Vimeo you're paying for Vimeo for a whoa.

what was this design thing thousand four. hundred fifty dollars let me see. design thing yeah 1450. PayPal Joe Bud oh that. uh that was a monster head for a short. film monster. your short film yeah I do a little bit. of acting and cast and crew was it your. short film or were you in it. who's yours yes okay good I was gonna. say dropping that much money did I make.

any money. no it hasn't been released yet is it. going to make money. how much did you spend on this short. film. I mean it made it with friends so it's. like technically free but not is it. gonna make any money or is this fun for. a hobby. fun for hobby it might make money but. doubtful. it's like maybe a dollar or two months a. lot of money and then. set in brain and Sushi and escape room. again Amazon GrubHub more and some.

makeshift and IMD Pro Amazon. Twin Liquors scotch beer scotch beer. Amazon Kickstarter You're kickstarting. Something 196 you gave to a Kickstarter. Kickstarter a lot well I guess it. depends on your financial situation. whether or not that's bad and crop up. again that's just bad for anyone because. this is a stupid expensive way to get. food patreon membership so you're giving. out patreon money and Steam games and. Fiverr and ubereats and. GrubHub this Fiverr thing what did you.

pay 68.52 for uh video editing Services. okay okay not a terrible deal was it. good. yeah. yeah okay. now something is financed to affirm what. your firm yeah you're paying for a firm. payments in here 27.49 each four in the. statements four affirmed payments a firm. if it's twenty like twenty four dollars. 27 27 uh that is probably then.

product that was broken up into the four. payments with no interest rate. why not just pay for it you make good. money. good money but I'm like I'll spread it. out why not you can't well it enhances. risk but I mean it's fine it's not the. craziest amount what was it. four payments like a hundred bucks. you're easily dropping 100 bucks all the. time constantly so I'm confused. probably. plushie or an outfit or a game or a toy.

okay. I'm a child with adult money essentially. yeah and we're financing it so that's. what I do not like. you don't have a car no do you need a. car want a car don't really want kind of. don't need so you're fine just a couple. hundred bucks ubering a month yeah okay. I mean that can add up if it was a busy. month though. that's my fear it's volatile it can but. because it's all business expense it all. comes back yeah but you could do that. with cars well.

purchase price of a car write that off. gas write that off car insurance write. that off. unless you have Equity within something. that's not as volatile I mean gas can go. up and down but not as much as Uber as. many times as you need to drive it or. take it that's true I also just don't. like driving you know well okay fair so. all well do you ever take public. transportation. where I live there isn't any okay so. you're picking a very expensive way to. live. so you owe five thousand a mom do you.

have any other debts no besides. whatever's on my credit card no savings. what do you have in savings on the side. you're going to use your Equity position. in the home if you refine lots of ifs. we're waiting a lot for that which I I'm. not the biggest fan of but whatever. you have in savings right now. like 300. why I will admit these last. two years I've just been kind of. throwing money left and right at like. kickstarters and Friends projects throw.

to yourself first why why you don't have. an emergency fund that's terrifying I do. have an emergency fund you said you have. 300 in savings what do you mean you have. an emergency fund the credit card I know. it's scary that is not an emergence fund. it's a super just in case no it is not. it is not that's stupid we don't do that. we don't do that that's stupid okay well. I mean it doesn't make sense because. then you have to pay back with interest. with the card you have your interest. rate on here is probably like 25. variable who knows. [Music]. you can use that to pay for things as.

long as you pay for it but you need to. have the emergency fund as a baseline. level set to even exist what is your. portion of the mortgage payment a month. I mean really you would have to you. would have to take care of the whole. thing if something bad would happen but. what's your portion of mortgage 6.75. which is sweet but. so I think 10 000 it's okay because your. credit card limited is only nine. thousand I was thinking if it was more. expensive like that wouldn't even be. enough to supplement and of course.

there's extra fees that come with credit. cards sometimes too if you try to take. care of certain things through them so. better deal that's an emergency fund we. want you to at least have 10 to 15 000. hours saved up as a side as the six. month emerges fun yeah yeah that's what. I'm planning to start this year just. stop all the fun well we're almost in. the second month of the year so it's. time to start now. we have been paying off my mom well what. is very clear what is. very clear I'm. finding a car I think it's a more. volatile way the way you're doing it but. whatever you're working from home yes.

very cool. there's been no talks of coming back. it's up in the air it's been up in the. air for the last year and a half okay. I can say this if we do go back my. roommate is also my co-worker so I know. I'm okay on that front well it just. prevents you from house sitting all that. stuff a little more because you can work. from those places right that your house. set don't you do that I do yeah but. here's also the thing I work the night. shift midnight to 8 A.M oh so I can. house it and all that other stuff.

there's a midnight shift as a. legal or something international law. you know it's daytime over there while. it's night time here yeah sure. so we need to get 20 000 as quick as. possible. as quick as possible four thousand five. hundred hours pretty much after taxes. because it's a little up and down with. the side hustles. you know it's essentially five months. yeah but you have your needs to take. care of.

what I would do for the next six months. if I were in your shoes actually do this. I'd pretend like fun does not exist for. six months. six months other than required Uber. trips just to the side hustles things. that bring you money we're not doing any. more thousand five hundred dollar masks. for shoots for fun yet right now we're. definitely not getting all this Sushi. and GrubHub and Amazon and all the crazy. stuff and traveling we're not doing that. because what we have in six months after. spending just a few hundred bucks a.

month on groceries and then your portion. of the mortgage. huh how much do I spend yeah. 300 200. oh how much you spend like 70. well it's because you got to eat for. every other meal how many times I go out. to eat last month uh well why have X's. next to maybe about 30 things 25 things. oh that's not all GrubHub it's not all. GrubHub but you went out to eat a lot as. well not just GrubHub sushi. so yeah okay no no that's great I mean.

keep it keeping us everything that's. fantastic keep it as low as possible. what I'm just saying is you can have a. few hundred dollars going to groceries. because you're not going out to eat at. all and then you have your portion of. the mortgage and uh utilities and. everything like that and then the Ubers. that you'll write off because you're. only taking the places that make you. money then besides that I think you save. up your emergency fund as quick as. possible get to fifteen thousand dollars. and you know like four months whatever. it takes go crazy and then save up. another five thousand dollars quick as.

possible and just finish off mom pay it. off yeah. approach your emergency fund above that. let her know real quick because she's. probably used to you giving her a couple. thousand bucks be like hey just building. up my emergency phone so I can have a. base level set for my financial future. once I have that I will immediately pay. you off as quick as possible I have a. plan I'll figure it out so just so you. know what the expectations are or for. what I'm doing in life yeah so she has. expectations I do know for the savings. account once it hits 3 000 its interest. rate does increase by like.

to ten percent I think. no. I know it's more than 0.5 yeah it's. definitely not 10 or everyone in the. world would be doing that because that. would be incredible that would match the. S P 500 on average prop who's it with. Wells Fargo I don't know it's probably. not great uh maybe it is I mean if it's. around three or four percent that's fine. if not just put it in a high yield. savings anywhere else super easy to open. doesn't matter yeah uses Google Amazon. you'll find a variety of good options so.

then boom we have emergency fund and. then boom Mama's paying off probably six. months. then you can start having fun again. because you have an emergency funding of. all this what I would then suggest. what's your retirement situation right. now let's talk about investing accounts. what does it look like. uh I have a couple of stocks I have a. 401K with my company uh it's not really. retirement but there's a life insurance. policy I have uh and then. what's in the 401K how much.

a couple thousand. was it invested in. I just let Auto do its thing well if. this is auto sometimes Auto just goes. into like us like cash or something like. something crappy that doesn't do. anything is it in something do you know. is it in like bonds is it in stock is an. entire retirement fund. I don't know specifically but I feel. like it's a nice mix because I was like. give me a mixed portfolio oh oh okay. good good good good okay with that it. might be something like a Target retire. from them fun yeah.

um okay cool that's just a few thousand. two three maybe like three or four. because they take like a little bit out. of my paycheck every month and then you. know you have your Social Security. that's taken out as well and you said. you own a couple stocks what does that. even possibly mean. I mean I use Robinhood and I bought some. stocks open up your oven then. you're gonna yell at me. [Music]. I mainly just do dividends and reinvest. the same dividends. do little Penny baby stalks so we have.

about four thousand dollars in here. phone is like 10 times heavier than an. iPhone. sorry it's a pixel you're certainly. beating the market. the average Market doesn't mean it's not. risky going into the future yeah. I usually only invest ten dollars a. month like this I'm like here ten. dollars play with it you know these this. is your ten dollar like you know stock. money so that way I don't go crazy with. it it is yeah you're um.

into a lot of different stocks. some crypto yeah some crypto I have it. auto invest to like one dollar. for each crypto that's on Robinhood okay. so I don't like that half of your. portfolios and just a bunch of what. seems to be random individual sucks they. don't even seen like some of the you. know larger company stocks they seem to. be a little more risky place which is. why it hasn't followed the General. market trends which treating you well. right now. half of your portfolio being into.

riskier things. doesn't seem all right I'm not going to. give advanced in advice but essentially. what I do personally. is outside of real estate when it comes. to Market typically I keep more riskier. things each individual less than five. percent but then my overall riskier part. of my portfolio less than 25 then the. rest is in index funds like the S P 500. that averages 10 a year or you could do. like a Target retirement fund that is. aggressive based on your age level or. non-aggressive based on your age level.

or how close you are to that Target. retirement date or decade or you could. get into some mutual funds some have. some really good returns I'm in one that. has like 14 but mutual funds can have. some high uh fees as well management. fees and. you know fees based on returns as well. yeah so there's a lot of things like. that I don't know what your retirement. is all I know one thing for sure. you're 29. you've missed the best year. of your life for compound growth I'm. glad you've at least gone to eight.

thousand dollars but we are far. far. behind for where you need to be to. retire. far. I guess I don't know. if you were to retire right now how much. a year would you want like want or how. much I could live off of how much you. want. like now 70 yeah. essentially. in something like the S P 500 that. averages 10 a year what I would be doing. if I had eight thousand dollars in my.

portfolio and I wanted to retire 59 and. a half something like that and I was 29. right now and I was again investing in. something like it's an average of 10 a. year return. I would have to be putting in 900 a. month. to get to. 2.2 million dollars by then. which we'll give you if you take off. three percent so that it can slightly. continue to grow but at least not lose. money before you die.

your overall portfolio right so you can. pass some of it on if you want to or at. least so you don't run out of money yeah. would be 900 a month. 59 and a half then you have that but uh. oh inflation happens so really what's. the real amount of money you need to. start contributing. that I would need to start contributing. were I in the exact same situation in. order to retire off of seventy thousand. dollars a year in today's money.

I would need to start putting basically. 1700 bucks a month right now okay. rich. [Music]. Christine but I think you need to play a. little bit of catch up that's fine. you'll be in a good place I think about. 25 to 30 percent of your post tax of. your take-home income. should be invested in some way or. another and then you'll get this house. hopefully within your.

early 30s then with the 30 year fixed. rate mortgage on this your home will be. paid off in your early retirement as. well which will help. so you'll have seventy thousand dollars. paid for home seventy thousand dollars. in today's money a year paid for home I. feel like I probably would pay it off. earlier than 30 years though you can if. you want to uh you know whether or not. you should definitely comes down to the. interest rate but that's kind of what. things are looking at now but high. priority we need an emergency fund. immediately cut back on everything your.

life does not exist for a few months. until you have an emergency fund because. not having an emergency fund is an. emergency anything can happen especially. being in a crazy. co-mortgage situation with a friend very. risky very risky any kind of deaths. especially a big old hunk and debt like. that and then we pay off our mom and. then we just we're maxing out the Roth. area every year and we're just investing. more and more money into brokerages and. things like that yeah does that make. sense what do you think final thoughts. it does make sense because I mean not.

only is the 401K with work and the Robin. Hood there is the uh what's it called. fundrise which is investing in real. estate stuff. but I definitely need to look into like. more you know Investment Management did. you just talk with an advisor over. Fidelity and they're great oh that's. that's where my 401k is perfect. for me to open an account with them be. like hey I need invest money take it. yeah you get a Roth IRA take advantage. of time while you have it let that money.

grow itself. if you put an offer another few years. especially another decade you're gonna. just have to save so no such a high. percentage of your income that it'll. suck. it's return start now for Nina she is in. a financial place where she is almost. there to be able to really light her. money on fire in a good way and grow it. quickly gotta pay off mom and really. need to happen to Merchants fund also a. little risky putting everything on Uber.

when you're driving everywhere but. either way and that risky mortgage as. well we're gonna get her in her own. place own mortgage and we're going to. start investing like wild to catch up. and get to a point where she can bring. home seventy thousand dollars in today's. money when she is 59 and a half and that. will be fantastic so for now Nina Hammer. Financial scores feels like a six and a. half out of ten make sure to check out. all the fun things in the description. including my Instagram and Twitter and. don't forget to subscribe thanks.