I Finally Had To Kick Someone Off Financial Audit

Another Harley-Davidson. Is that my new. one? I'm going to burn this place to the. ground. I wrote it here, so I'm at least. using it. It's to sell it. No. Why would. I buy it just to sell it? No offense, but that's the end of this episode then. I don't want to get rid of one thing. And now you're going to fit over me not. want to get rid of I'm not going to. waste my time. I'm not going to waste. their time. You're not wasting time. I'm. wasting time. If you're not willing to. sacrifice any thing in this. conversation, so I'm done. This. conversation's done. It's brand new. It's going to depreciate. Mute this mic. Mute this mic, please. I don't give a. uh my name is Evan. I'm from.

Stevenville, Texas. I'm 29 years old and. this is Financial Audit. Thanks for coming down to Austin. What. do you do for a living up there? So, I. own a classic Mercedes shop. You own own. business owner? Yep. Okay. This is. exciting. Wow. How How does the business. do? So, it's been pretty good. It's been. open for about a year now officially. I. bought the shop in August last year. Uh. started doing it January. You bought the. shop? Bought the shop. So this is this. isn't ground up from you, which is fine. It's totally okay, but buying a shop.

sounds expensive. Can be if you do it. wrong, but I mean the shop was 160,000. Okay, that's not as crazy as that. I put. down 15,000 and how was the shop doing. before you bought it? So, no, it was. just an empty shop. Oh, it was an empty. shop with some land and it was for sale. Okay. Okay. I thought you like bought a. pre-existing business. No, no, no, no. Okay. Build it from the ground up. There. we go. Okay. Very cool. Okay. Now, if it.

is so successful and all that stuff, I mean, I think there's there's a loan. in here that's like 200% interest. You. know, there's there's like some of the. more wild debts that exist for people to. take out. Where is that money coming from the. success? If not to pay off debt, why is. the debt being taken out? Why is there. debt if this is a successful business? Well, you got to have debt to make. money. You got to you got to borrow.

money to make money. That's how it is. You have to borrow money to make money. Do you have 150 grand sitting in the. bank right now? Do I? Yeah. Not 99% tax. Okay. Do 99% of the world. have 150 grand sitting in the bank to. just throw it into a business that may. or may not work? Oh, that's what you're. saying. Upfront cost to the business. Okay. Well, there's nothing wrong with. necessarily taking out like a small. business loan. There's some good. opportunities. Again, you have a 200%. loan. I don't think that's what we're. talking about. Loans 200%. I don't have.

one at 200. We'll go over it. It's only. a couple in. But you also have just. traditional credit cards and stuff that. are sitting around 30%. You have credit. one, which is sitting which gets monthly. fees. So, you have to borrow money to. make money. One, I borrowed no money to. make this business to be clear. Okay? But you don't have to borrow money to. make money. That's a That's a Some. experts will say otherwise. So this. business doesn't exist. I'm not saying. yours. I'm saying other businesses. Have. to. You said have to. In my world. Yes.

Have to. As in there's literally no. other option. Well, let's see. You're. going to love this. I had no job and I. took out the loan for the business so I. could make more money. I couldn't just. make 150 grand a year. Again, I'm not. against uh appropriate leverage in. certain situations and it may have. worked in your situation, but you're. saying you have to. It's the only You. have to borrow to make money. Yes, I. did. You Yes. Not everyone. Okay. So, let's not generalize it. Yes, I had to.

You said you have to. That's what you. said. I'm going off of your words. Well, for me, yes, I did have to borrow money. Maybe not everybody has to, but that's. maybe what% borrow like a small business. loan. Yes, we can do that. But again, there's credit one credit cards in here. Those are before. Those were before. Okay. So, that's not we have to borrow. money type of debt. Again, we could even. even a personal loan like I the interest. rates aren't fantastic, but that's.

something that we can potentially think. about if needed to expand a certain area. or different business loans. There's, you know, I I take out as long as the. interest rates make sense and the math. makes sense, I take out leverage on real. estate. But that's because, you know, that's often the best way to take. advantage of real estate. You get. something that's at $400,000. and if it's appreciating like 6% a year, even though you have like $80,000 into. it, that 40 thou 400,000 is still what's.

appreciating at that 6% a year. So, there's lots of good ways to take. advantage of leverage. But again, this. is a big pile of stupid. Well, yeah, but. a lot of that has only started before. the shop. It started before the shop. But if it was successful, why hasn't it. been paid off? Who said I was. successful? You said it's been a. successful shop. Well, I haven't gone. under. So, being able to pay the bills. Okay. Success is being able, in my. opinion, success is being able to do. what you love and enjoy doing it and. being able to just live comfortably.

Everyone would love to have a Ferrari or. be able to travel the world, do. whatever. Of course, everyone loves big. difference between owning a Ferrari and. just literally not having credit one. credit cards. No one in the world said, well, your. definition that you just said right. there isn't success. I would also define. that as success. But you're saying. living comfortably, you're having debt. that you're not able to pay off. That's. not living comfortably. Well, I am. paying it off. It's just taking time. I. maybe maybe I should pay it off better. Yeah, it's going to take literal.

decades. I if I don't if I do minimum. payments, which is what often times you. do. Yeah. Well, also spending on them. Well, maybe, but I haven't spent on them. lately. I haven't spent on them lately. Incorrect. I have your most recent. statements. You do? And I haven't spent. on them lately. Well, what's lately? A. year or 3 days? Lately? I don't. This is. your most recent statement. So, this. would be lately. It's your only like. available proof that you can print off.

and show lately. It's the most recent. thing. So, that's lately. Okay. Well, we'll we'll see what it says, but I have. not spent on them lately. I really. haven't. I'll tell you what it says. All. right. Uh $41 is spending on the first. credit card. First credit one. Mhm. Okay. Spent $41 on that credit card. There's only about a thousand more. credit cards to go through. There are. Yeah. So, I'd say you did spend I don't. Why would you even say that? I'm so. confused. I don't remember it. You're. combative. Okay, this is interesting.

Um, all right. I'm just I don't get why why even say. that though if that's just objectively. not true. So, I did not realize I did. spend on it in the last month. Okay. But. there's also more cards you spent on. Well, we're not talking about the more. We're talking about that one. I We were. talking about credit cards in general, buddy. Okay. Well, you said credit one. Right. Okay. Credit cards. You said. credit one. Okay. Fine. So, even credit. one you spent on. So, okay. So, I spent. on credit. So, it doesn't matter. Okay.

Regardless, it is what it is. It is what. it is. It is what it is. So, that's how. we uh that's how we change history. Just. focus on the future. Exactly. But you're. not focusing on the future because. you're only making minimum payments and. still spending on the cars that are. current interest that you're not paying. off. So, you're not focusing on the. future. So, what So, I haven't focused. on those, but I focus on other things. What? So, my uh AEMA and my Affirm, I. have focused on those. I've made more. payments on those. My Harbor Freight, I've made more on those. Yes, I have a. firm. Okay. Yeah.

You're You're easily triggered, aren't. you? So am I. That's okay. Uh so am I. I. get it. I can get heated quickly. I'm a. competitive little boy and different. things. Notice. Play me a game in Mario. Kart and I'll be freaking out. You. probably would. Yeah, that'd be. interesting. Yeah, we play them on the. the member streams for those who are. there. But um. Okay. Well, I need to know about your. income. Do you even know not what comes. into the business, but after everything,

what are you able to withdraw from the. business? So, that has actually been a a. struggle for me to get it separated. It's a successful business as you said. I have Oh, to separate sorry to separate. what comes in. Everything goes into my. personal bank account right now. I have. not set up a business bank account yet. because I just I don't know how to to be. honest. I haven't gone that far. I. haven't looked into. Well, I know how to. set up a business bank account, but. being able to separate everything and. pay myself, you have a deposit into into.

the business checking account and then. your business expenses come from the. business checking account. So, what. what's the confusing part there? Cuz I I. don't want to be dismissive of that. I. want to extra. So I understand the whole. point of putting the money into the. business account and then paying myself. at the end of the week or in a two. weeks. Are you LLC? Yes. So that's more, you know, just acting as a pass through. But what the business account is doing. there is essentially this is really. helping you keep the books by the end of. the year, helping you take advantage of.

different uh tax advantages. Understandable. Write offs, deductions, all that good stuff. So but for my. actual income, it's really just whatever. work gets completed throughout that. month. That's my income. Yeah. Yeah. Yeah. Yeah. Well, but you have expenses. No, I do. Yes. Okay. So, would you. deduct those from the income? So, really. what it is is if I get say $10,000 for a. job, it goes straight into my bank. account and then I pay my bills whether. it's the company bills or my personal. bills. Whoa. What is this VA benefits? That's like $9,000. It's $1,200 or.

$1,900 a month every month. The $9,000. was a uh a back pay for them back paying. me. What is this? This is disability. Yes. There is not one veteran that has. been on the show that does not have. disability, by the way. So, does every. veteran in the world that you know have. disability? Cuz as far as I know, except. for my grandfather for some reason, but. Okay. Can I ask what happened for. myself? Yeah. Ah, just basic stuff. Uh, yeah. I don't I don't need details. I. was just curious.

I just become more and more curious. because this is every single veteran on. the shows on some form of disability. Yeah. Which totally down for if. something happened. Yeah. Uh, I'm not. against that, but it just it's making me. more and more curious every single time. I understand. And I mean, if we get on. it, it's probably because they have to. go through a whole system. It takes like. six, eight months most of the time. They. do their research, see what did happen. in the military, and then sure, they. give it to you or they don't. Sure. Eight. So, 1,800 bucks a month for that, but there was some back pay. Okay. Zelen, is Zel from the business? Zel is.

from business. Okay. 7,614. I don't remember. Does it say from who. or? Uh, sorry. This is just total. numbers, but as we go through the. accounts, we can see, but there was a. total zelling in. Okay, that was more. than likely all income to the business. To the business. So, you get paid. through zel. Zel. Okay. Uh, PayPal. and then cash. So, PayPal, cash. Okay. Let's see. Yeah. Cash App 340. Would. that be business as well? Uh, more than. likely not. That's all. But PayPal is. 2,696. Yep. That was and cash deposit is.

4,500. Yes. Okay. And then there's a remote deposit of 166. or across the board. Uh could have been. a check for business? Yes. My ATM. deposit of 16 bucks. Uh that I get. lottery. You won the lottery. Yeah, I. won a little bit of money. A little bit. of money. How much did you put into it? Uh I'm about broken even if I'm being. honest. I've put in about three. Better than most. Okay. So I'm going to. add up this business income. Okay. Now.

big question here. Uh, what was your. start date of the business? August 14th. of last year. Okay. How'es go last year? Uh, I made 19,000. Did you file though? Yes. I have a CPA that did it all for. me. Good. Probably didn't owe too much. No. No. But this I I it was 19,000. But. this year, are you saving up the. necessary money to pay the taxes?

Because again, I mean, that last month. shows business revenue, if that is all. accurate, of $14,976. Okay. So, I'm not saving for taxes now. to pay at the end of the year cuz all. the money is being spent. Okay. If it's. all being spent on business, you might be okay there. But is it all. being spent on business and what the IRS. will define as business expenses? More.

likely, no. Uh, okay. Well, then you. don't have an excuse and the IRS is not. going to be happy with that and they're. going to come out and I'll deal with. that whenever I get there when they show. up with guns. Yeah. Well, I don't think. they'll do that, but if they do, I'll. fire back. Yeah. I don't think we'll see. how they do. You're going to beat the. ones with nukes, but uh Okay, so. business revenue. This is going to be. This is I'm excited for this. conversation. This is interesting. You. need both. 14. Why are you so excited? I'd like to see how this goes. uh.

$14,976.72. So I would want to see. gosh probably at least because. if we're taking into account different. deductions and everything I mean it's. probably safe to say. 30% on a monthly basis. So this last. month I would have want seen would have. want to see you set aside about $4,493. Now, do you know how much was spent on.

the business last month? So, the shop. every month is $1,500. Okay. And then I. have electrical, which comes out to. about 300 a month. Okay. Uh internet. 130. Uh I do have an employee. I pay him 650. a week flat. Flat. Okay. Uh and go out. to eat every day. Take him out to eat. lunch. You just said you don't have money. Well, I do to go out to eat, which is.

more important than. losing your business. Most people die if. they don't eat. You like It's obvious. Was the VA disability for losing half a. brain? I didn't have it whenever I went. in. Huh? What? You know how to put meat between two. slices of bread, buddy. You don't have. to go out to eat every day. You don't, but it's nice to. But that's Yeah, it's. nice to. But you just said most people. die if they don't eat. Don't be dumb. Don't be a dumb you. What? Have you.

never made a meal in your life? I've. made multiple. Okay, then you can bring. them to work. Okay, good. Now, legitimately, guys, I believe that you, everyone in your life, everyone around. us can actually take control of their. financial future and make their lives. better. And we've spent over a year here. creating tools to help make those goals. a reality. Right now, our budgeting. program and investing program are. bundled together at a 15% discount. And. you get $100 in cash gifted to you right. into your Amumu account. There's. honestly no time like the present to.

actually take control of your future. Don't wait. Don't let this opportunity. pass you. 650 for the employee. I I'm. not going to count the eating out. What. else? Uh tools 200 a week through. Snap-on. Is that a debt? It is a debt. It's a truck debt though. It's not. financed. Oh, it's a through little. thing. Yeah, just through the Everyone. always. every every time on this show that. little truck pulls up, people are just.

like, "Here, take all my money forever.". Well, I got to How am I supposed to work. on cars if I don't have the tool to work. on? Yep. They always say you need this. and it's a tax unique tool. Tools are a. tax write off. Listen, I'm going to. count that against your business revenue. in a second. I'm just trying to figure. this out. What else rearranging? I use. my truck for work. Does that count? I. use it to haul cars and pick up. customers car. Uh oh. Diesel was probably Well, is the. truck under owned by the business? I. haven't put under the business name yet. Okay, then I'm not going to do that. But.

just for general things here, let's just. and then we'll get into your personal. finances. But this will help me. calculate essentially what's could be. coming home on a monthly basis. So, $2,780 of expenses. So about. 12,196ish. should be left over relatively. And then. you're going to set 30% inside of that. 3600 and then you should have just about. $8,53720.

left on a monthly basis plus your VA. disability. Now that's based on this. last month. Was this last month pretty. normal? A little slow actually this last. month. Okay. Then I'm going to do it to. be conservative. So, I think we can then. say about 10,337. Okay. Okay. Let's just say that cuz you. need to set money aside for taxes. Why. risk losing your business? Understandable. Your business is your. life right now, right? This is your. baby. You're growing it. It's great. Mhm. Now, good news is, if I'm not.

mistaken, and you're going to sit down. with the CPA and figure this out, this. is going to be your first full year of. business operations, and you shouldn't. face any late fees or any uh or. penalties or any penalties for not doing. quarterly because it's your first year. So, you're pretty much going to have. almost all next year to pay your taxes, I think. Confirm that with them. It's. something we started to go through when. we were building this business, and it. became a lot bigger than we thought, you. know, way quicker than we thought. And. then we were like, "Oh, I mean, you had. to figure it all out." But that's. something you're going to have to worry. about. So, I'm not freaking out, but.

you're going to have to get the money to. at least pay the taxes. And I would. start setting that 30% aside now. So, I. guess on that note, I do go to the. comproller website every month on the. 19th. I have it set. Okay. And I pull. what taxes I made through my uh shop. system and I make that payment for just. what labor because I charge tax only on. labor. Oh. And I pay that every month. towards my taxes if that makes sense. through the comproller through the Texas.

comproller website. So just Texas taxes. Yes. Okay. Well, federal is going to be. your big boy anyway. Yes, cuz Texas is. relatively minimal. Okay. So federal's I. mean that's a scary one anyway. It is. It is. Okay. Just want to throw that out. there. Well, that's okay. That's good. enough. I And honestly, that should. that's probably calculated towards that. anyway. So, I want to know self assess. Where do you. think your personal finances are? 0 to. 10, zero being the absolute worst, 10. being the absolute best. Like me. budgeting or just how your entire.

financial picture across the board. I. call it an eight. Okay. Eight being bad. You've seen the show, right? Yeah. Why. do you think I'm here? Well, I know. But. you wouldn't think in any world you'd be. considered an eight. Well, you said. eight being the best or 10 being the. best. Oh, okay. No. Two. Oh, I heard. that reversed. Yeah, you did. No, I'm at. a two. Okay. Much more reasonable. No. If you want your Hammer financial score. link in the description below, it's.

free. And if you want to be on the show, go to calebhammer.com/apply. We'd be happy to have you down to. Austin, Texas. All right. Yeah. Again, this credit one, we have a credit one. Credit one. I got three of them. Why. have you Why did you open credit ones? Cuz I didn't do my research and they. approve me. Yeah, they will approve. anyone basically. I learned $686.61. the minimum payment of 35 bucks. But. yeah, you spent. You told me you didn't, but you did. Okay. $8.25 of interest is.

acrewing. It's for Clash of Clans. Oh, I do remember. Hold on. No, I. remember that now. I don't even have. that app anymore. And actually, so yeah, I remember that now. I completely. forgot. Yeah, I bought a uh some kind of. pack or something on Clash of Clans. Me? Yeah. Yeah. I deleted the app like a. week later, too. Yeah, cuz you were you. spending a lot on it? Actually, no, cuz. I stopped playing the game. It got. boring. Oh, me two Clash of Clans and then Adobe.

Acrobats using that for the business. Yes, actually. We want to go through. this through the business though to help. you when you're doing the books, man. Plus, it's it's not helping anyway. because it's just going on a card that. you're not paying off that interest. It's not like it's horrifically far from. the entire cor uh credit limit on that. card anyway. Mhm. What What is the limit. on that one? Cuz we got three 950 on this one. You. know, another thing about you not.

managing your finances right, you not. even being prepared for tax season next. year. And guess what? We're entering Q. four here in a second. Y uh you have an. employee and he depends on you and you. this up and then your employees and it's. your fault. Yes, 100%. So nonchalant. What if you cared about. you'd be doing something? You'd be a big. boy right now. You'd be I'm here. This. is not This is not No, no, no, no, no. That is what every single person says to.

try to get out of any kind of push back. when they sit in that chair. No, you're. here. That's what everyone comes here. for is to go through their finances. I. know. But you've done nothing this. entire year to prepare for taxes. I have. not. Uh the way I do my taxes is I send. my 12 bank statements to my CPA. He does. my taxes and done. How much do you have. in savings? It's not going to be done. this year. Last year you didn't make. anything. This month you made half of. what you made last year and it's a slow. month. So it's going to be completely. different. It's not I send my CPA and.

it's done. No, you're going to be. writing a big check. So from with money you don't have. Yes. Money I don't have. I got right now I. got about $3,000. And then your. employees their livelihood. He'll be. taken care of. You have any kids? You. have a spouse? Nope. Okay. Well, he'll. be taken care of with what? You don't. have any money? What are you talking. about? I'll get the money. I'll make the. money. I'll work harder. Get the money. Not through the business. It'll be taken. from you. Not really, cuz I'll just work. and get everything paid off. I'll get.

the taxes paid. I'll work at your point. What you're saying is telling the IRS. after all all uh every avenue is. already. gone through that essentially. potentially penalty-free for being a. first year business. Once that's all. gone, then you start going into like IRS. debt and you're saying you're going to. pay that off 25% IRS debt. That's going. to put you in a deeper and deeper hole. cuz you're going to start paying that. and to pay that you're not going to be. saving up for the next year's taxes and.

then it just gets man. You don't. understand the danger of this. You. really don't. Listen, I'm a new young. business. We're the same age. We're the. same age. Young business owners, young. businesses. that are both growing pretty quick and. we've both been successful and this is. awesome. I love this. This is great. But. there are so many people out there have. that have completely thrown this away by. up. It was one of the first things that once. we were like, "Oh, this is a real. business." We fig we put money and time.

into figuring out because it is. necessary for the longevity of the. business and yours is around and that's. scary. It is and I I have to agree. Yes. I haven't dug into it as well as I. should have but I don't know. I haven't. I don't know. I haven't been able to. figure out the the what to do the steps. on how to build a business. Well, let's. go through and let's figure it out, man. 29.24%. I mean, first thing to do on just your. first personal thing as you're going.

through this, I need you to budget. Your. business should have a budget. Uh, we. don't have anything for business related. stuff, at least at this time, but at. least for now, we can get you in the our. budgeting class. Go through it, take all. the quizzes, go through the education, build your budget, manage it, go through. the investing one as well. You get it. for free by being a guest on the show. You guys can get it 15% discount bundled. link in the description below. But go. through that. It's And I got that. It's. been the biggest issue why I haven't. been able to build a budget is I don't. pay myself. I just take what I have in.

the bank at the time to be able to pay. my bills. And everything every week is. different. Some week, one week I may. just have enough to pay minimum. Other. week I may do pretty well and that's. whenever I try to buy some extra stuff, buy more cars or be able to just pay. some extra debt off. Yeah. And we have a. whole section dedicated to variable. month budgets where months are just. unpredictable. So we we we got you. We. got you. But we'll go through this and. then we'll also give a plan at the end. of this. But you know, typically when. figuring out your first budget and. everything, it takes hours. So, you.

know, we we'll we're going to kind of. have like a makeshift budget and then um. let's see things. So, this one's. interesting. This one is interesting. So, you got. something. Akima Aima Aima AMA $2,649 is the. purchase price, but the total you'll be. paying is 634. So, also known as. essentially a 200% interest rate. So, AEMA has a 100 day uh same as cash. payoff.

Where are you in that 100 days? So, right now I owe $900 and I got two weeks. and I'm actually that should be paid off. by then. I'm not I've already used them. four times. Every single time I've had. it paid off. I'm not going to be paying. that interest. That's stupid. But I I'm. going to be paying that off. Well, you. better, man, because this Yeah. Literally, if you don't make that. payment, 900 two weeks. Yeah. Two weeks. 900 two weeks. If I don't do that, then. I start taking on interest. Dude, it's. an aggressive interest and it's $125 a.

week. Yep. $121. It's But it's crazy, man. But you still. took this out and you took on the risk. So, I am glad that you're close to. paying it off and, you know, if. everything goes well, we should be doing. that. But you still took this out. Yes. I had immense, huh? I had to get tires. for my truck. I know. But even a credit. card would have been better because what. you put on yourself is if some job for. some reason just dried up for a couple. weeks, you would have been with a 200%.

interest. And I never looked at it that. way cuz my mindset was I'll have it paid. off by the 100 days. Of course, that's. that's how they get you. And you're. actually potentially most likely I'm. going to say actually win this. But you. have put an immense risk over your head. with this and I Okay. Yeah, I probably. should have looked at it that way. Well, that just makes me a little more afraid. for the future. All right, guys. I get. it. You need more financial audit. So,

we've decided now in our membership. below, you get two exclusives. See. nowhere else. Uncensored financial. audits. Oh, good. No way. Your couch. hopping places I like stay at for the. job. You're relying on bookings for a. place to live. Yeah. Also, three post shows a week for every. financial audit you're seeing right here. on YouTube. In the post show, we have an. extra 20 minutes for every single. episode where we go into more drama that. we didn't uncover in the original. episode. We can't find you on Facebook.

Did you block me on Facebook? No. No way. And then included in the. membership, every Tuesday, we have a. member live stream where you come in, you hang out with us, we answer your. questions, and the whole crew gets. together, we play games, we mess around, and we chat with you. I have a pair of. salmon shorts on that desk ready to. change into right after this. So, you. dress like smoking for the first time. when you go on a date. party. Then there's always extra bonus.

things like for example an office tour. The team grew. We have to eat out of. here now. So this was going to be the. fun area. Now it's not. We upload hours. and hours and hours of extra content. just for you and it helps support the. growth of this channel and the growth of. this business. Join the membership link. in the description below. Just you can't. get into things like this, man. This. again if we're talking about keeping. your business surviving these are things. if we start going down these uh paths.

that will your business man. you okay I got nothing to say on it I. mean it it's I feel like that one's. under control so far and I think it. still will be but again. take those out how many more times. when's the time it's not under control. when's the time something happens when's. the time you you get injured or there's. like an infestation at the shop or. something and then businesses can't be. done. Life happens. Things change. Dude, life is crazy, man. Medical emergency in.

the family and you have to travel. You. never know. You never know. Harbor Freight. Love my tools. We get Yeah. tools. Tools. Tools and more tools. Are you. working to get tools or you getting. tools to do work? Cuz it feels like the. first a little bit of both. Yeah. We. It's It's always in that industry, man. People are just more almost more. obsessed with the tools than the work. They they I do see that. I do like my. tools. I try not to It's fun. But it is.

I try not to go overboard and get like. $50,000 in debt on tools. But let's just. have the business running and humming. and taxes paid. Like I said, I spoil. tools to keep the business running. Yeah, but come on. every single tool you. think that was the exact tool version, model, everything, brand that you needed. to get and there was nothing cheaper in. the entire world if you're being. realistic. What do you mean nothing. cheaper? I went to Harbor Freight. It is. cheaper. It's the cheapest. You get it on a Snap-on and get a set of.

wrenches for $500. I was going to say, but you have done the truck. I have. Yes, cuz they do have some better tools. I get better tools on Snap-on, but a lot. of every tool. But confirm with me. Confirm with me right now. 100%. Every. single tool that you've gotten, every. single tool is 100% necessary. Yes. Okay. Yes. I listen, I'm not there. I. don't see it. But we've had people just. like you on this show and that has never. been the case. I'm going to take your. word for it. It's I buy the tools as I.

need them. If I need that tool and it. stops the job for the day, I go that. night, pick up the tool, and then come. back and finish the job. Okay. take I'm. going to take your word for it because. I'm just not there. There's no provable. But I mean tools are a requirement for. the business. You got to have it. But. again, most people get tools they don't. need or more expensive than they need. Okay. I'm not some people. I'm me and I. get the tools that I need. Yeah. You. have three credit one cards and you take. out 200% interest rate loans. So that's.

the person I trust with financial. decisions. Yeah, that is you. You're. right. Other people do not do those. things. Welcome to the show. Uh $69 to purchases. Also reminder, are. you saying you don't purchase on credit. cards? Interest rate $33.16. Minimum fee payment $46. So why are we purchasing on a card that. we can't pay off? I mean, I do pay on. it. You don't pay off. I don't pay off. No, because I keep reusing it. Yes, that.

was my question was why? That was. literally what I just said and I asked. why. Why do you do this thing? Oh, cuz I do. this thing. What? I I buy the tools so I. can use them and then I pay them off as. I go. If I buy on a credit card that you. cannot pay off that is acrewing interest. instead of you're cash flowing like. 15,000 bucks a month, you can get a. tool. So, I try to buy with cash a lot. of times, but like a toolbox. That's I'm. not wanting to drop all that money at.

once. I'd rather just put on the credit. card and pay it off. Yeah, but you're. acrewing at 30% interest. So, you're not. getting the return even close that. you're thinking by delaying it. Not even. close. You're losing 30%. Getting it to. get a return. I'm not investing in it. Then what's the point? Pay it off at. once. Then if you're spreading it out, you're doing it to try to leverage some. kind of return. That's why you would do. it. It's not a return. It's a not. dropping $1,000 on a toolbox at once. It's $ 250 a week or however I want to. divide it. Why not drop it off all at. once? Maybe I don't have it. Okay. Well,

that is I don't have the extra $1,000 to. spend on the Then again, you're not. budgeting. You must not be budgeting in. that case. Well, we already know you're. not. But because you're not budgeting, we know your business's expenses are. relatively low compared to your margins. are good. So, you should be able to do. that, but you're doing stupid spending, which is why you can't afford to do it. in cash. So, you have to put it on a. credit card. So, maybe we look at it. that way. I look at it as I needed a. tool, I put on the credit card, and. sometimes maybe I'll pay it off. Why the. are you here? Please, for sake, y'all.

invite Why are you sitting at this. table? Why? Why not? I mean, I'm here. I'm here to talk about the finances and. go over my stuff, right? With what end. goal? To be debtree and have a. successful business. You're not. listening to anything. Or the. complicated airflow might be getting its. way into your ear, but you're not. processing it. You're a defensive little. stone. You're asking why why don't you. spend $1,000 on a toolbox? Why do I put.

it on a credit card? Yes, cuz I don't. have the $1,000 to spend on the toolbox. of the time. No, I get that. And we just. defined why. Because you don't budget. even though your margins are good. So, I. know that. What else there to explain? No, but you also said sometimes you just. don't want to pay it all up front. That. was another reason you gave. Yes. And. because of that, I want to know why then. if you have the $1,000, then why would. it make sense to lose 30% on it? I don't. know. because I'd rather just keep the. money in my pocket. The Harbor Freight. card is for Harbor Freight and I can use. that $1,000.

bills or gas or whatever. I can't spend. it. The the Harbor Freight credit card. on gas, but I can spend my $1,000. freight credit card. Destroy it. Burn. it. I don't care. You don't know how to. use credit cards. You can only use a. charge card. People like you like a Fizz. card. You guys don't you can't use a. credit card. You're not a credit card. person. You can be someday after you. prove it, but you're not. So, don't give. a [ __ ] about a Harbor Freight card or. where you spend the money. But either. way, the cash you're keeping in your. pocket, it's not gaining any value. It's. losing about 3% a year in inflation. This is losing 10 times that by being on.

here. So, at no point does it matter. So, what's the point of a credit card? If if I'm going to put $1,000 on a. credit card, good question. And. two, I don't Sometimes you get 0%. financing. That's fine. Throw the money. in the marketplace. You get a better. return on investment. So, they do do. that on purchases over $599, which was. not this purchase. And sometimes. they have 5% cash back. And there it is. 5% cash back. Remind me, what's the. interest rate on this card? 30. Okay.

What's bigger? Obviously. So, you Okay. There's no point. You just answered it. I I don't know where we're getting at on. that because what? Really? You didn't. understand that? No, I you asked what's. the point of it to have the card. To buy. the tools. That's the point of it. Period. But you just asked the benefit. of the credit card and we just. determined for you there is not. No, I. asked what was the benefit between a. credit a credit card, not this credit card. But Huh? But yeah,

in the same exact thing, cash back 0%. financing. But it doesn't matter with. the way you're using it because you're. just allowing the interest to acrue. So. whatever cash back you're getting is. completely negated by many times. So, I. mean, I pay more than what you pay a. little more. You pay a little more than. which is great, but you spend on it, but. you spend on it. If I go in there and. spend $50, I'll immediately make a $50. payment sometimes to where. there it is. It slipped out. So, you all.

know how seeing guests on the show. spending their hardearned money on. taquitos and overpriced takeout makes me. feel. So, you shouldn't be doing it. either. But, I get it. you don't always. have time to cook or feel like typical. meal prepping can lack variety. And. that's where today's video sponsor, Factor, comes in. Factor delivers fresh, never frozen, chef crafted, dietitionian. approved meals right to your doorstep. We're talking gourmet, ready to eat. meals in just 2 minutes. That means more. time to work on not being a dumb dumb.

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even if it's a sometimes anyway cuz that. money should be going towards it without. a purchase because your balance is in. the thousands. If we're our balance is. sitting over a,000, then we should just. be putting the money towards it. regardless whether or not we're. purchasing. You're just making it slower. to pay off and you're losing 30% a year. on that 1,200. That's 30% a year. That. could be money in your pocket. That. could be money in your business. That. could be scaling your business. That. could be hiring another employee to take. on more business because it sounds like. your business is taking on a lot of. work. an employee could bring in more. revenue, but instead.

new tool on card. Pay it off slower. 30%. gone. All right. So, next. You're a little Aren't you? Huh? So, am I? It's okay. eBay. eBay. Oh, what are we doing on eBay, my dude? What are you What you're purchasing new. parts. No, you're not. Sorry. That was. fees. Fees. Why were there fees? basic card fees or Oh, well, I don't. know. I've never had an eBay. Let's see.

I use that to buy parts for Mercedes, new old stock parts that aren't. available anymore, and I'll also get. eBay money back. It just says fees. Payment security. Hold on. Is that to like secure the purchase if. like it's not delivered or like or is. this like a security thing for the card. itself? this they're baked in fees. essentially because either way you've. had that hit basically every single. month that's like a monthly you have an. immediate $8.79.

thing because that's happened $866. this year so far on this card $86 in the. fees this year which means you're. essentially getting that $877 every. month. So, even if it was 0%, you're. still getting $8.79. hit every month. And yes, again, you did. pay more than minimum, but but the fees, this credit card is not making more. sense. Plus, again, uh it's acrewing. $159 of interest. So, you have to put. extra money towards it or you're making. no progress.

Again, you're not getting any benefit. from this card. I get eBay cash to buy. more stuff on eBay. Is it more than 30%. interest? Is it more than the extra fees. added? That I don't know off the top of. my head. No is the answer. Or else they. wouldn't be in business as a credit. card. That makes sense. Oh my. Okay. All. right. All right. Just imagine, man, investing this money back in your. business, scaling it, investing this. money in like the S&P 500 in like a mumu.

brokerage or anything like that and. letting that grow. Do you not have any. retirement? No. That's scary as well. because one thing I'm really focusing on. personally myself, businesses, they can. go they can go up quickly like yours and. mine have done. Wonderful. We're very. blessed. It's incredible. Thanks to all. you love you guys. Like seriously. But. um it can also go in a moment. So you. need to make sure you're just setting. yourself up for success as well. So like. investing or like investing? Yeah. I. haven't I haven't looked into any of.

that. I don't know how to. We might talk. about that. We might talk about that. Maybe we'll set you up with a financial. adviser at Domain Money, one of our. partners. Well, we'll figure that out. Okay. $30. minimum payment. Balance $53847. Again, fees and interest, but again, I. am glad no purchases, but it's sitting. at 29.24% interest rate. Should probably. just get that paid off. You've spent. $1,35123.

on this card this year. Uhhuh. you've. lost $73 in interest. So, I already know. $8853 in interest is $6866. of fees on this card alone. That's one. out of the many cards. $120. Okay. Uh discount tire lines up with all the. other one tires from my trailer. Uh 0%. Certainly can't pay for things without. getting the store card. For.

What happens on this card? What do you. mean? What happens on that card in the. future? Oh, if I reuse it, I don't know what you're What do you. mean? What happens if you keep paying. your minimum monthly payments? What. happens? Does it is it a 0% for a certain amount. of time? Well, they're always 0% for a certain. amount of time, buddy.

takes 18 months to pay off the uh with. the way you're doing it. One month from next week, back interest that has been acrewing. this entire time will hit this card. Okay. So, I didn't know that. Yeah. Yeah. So, they take the interest on the. monthly balance and throw it all at once. for the past however long it's been. So, essentially. Yep. in this case because. luckily the balance isn't huge. The.

deferred interest is 61 bucks.38 but it. is still money. And that is just an. example of what we're going through. Again, you have so much more life to. live. Imagine that happens on a much. bigger balance and you just don't know. Should probably read the fine print or. just know what credit card you're. getting or just use. I thought I was. getting a 0% on whatever that was. I didn't know it was for I guess 6. months is what I'm going to assume. So.

$362.32. minimum payment 30. But we did have to. pay this. We. need to do. all of it. 17 uh. 175, right? Like twice now. You said. it's in a month. Oh, it's in a month. You're right. We have to do the entire. thing. Get it all. Okay. So, that's. going to be a big attack immediately out. of the gate. Plus, we've had $30 of fees. this year so far. Have you had a m late. payment or is that like the opening fee?

I think it's opening fee. I haven't had. a late payment cuz I have autopay set up. on it. Uh, okay. Here, credit card one. again. So, it's really credit one's like. almost as bad as you can get when it. comes to I learned that after I open. them out up. Uh, why are we opening. credit cards? Can let's go through that. Let's go back then. What were we doing? Why were we just opening credit cards? So during the time that I opened them, I. didn't have the the cash or cash flow. And I would open them to be able to just. pay anything, whether it's fuel or bills.

or whatever. It was to so I can just get. a little bit extra money to be able to. get through that tough time cuz I. couldn't make the money magically show. up. But I was able to get What were you. doing for work? You said you were on. This was during the uh uh last year. whenever I had kind of start. So January. of last year is whenever I left working. entirely. Why? Because I wanted to do my. own business. When didn't you leave it. when you were ready to start? Because I. was ready to start. But you didn't start. until mid year. I bought the shop in.

August. But you were working before then. It was. was it like going to people's places? I. had I would do small jobs, mobile jobs, and I bought a ton of Mercedes parts, used parts and everything that are. valuable, and I would resell them and. make money that way. And during that. time is whenever I'd open up the credit. cards because at some point I didn't. have some of the extra money and I had. to get by because I didn't actually have. an income at all or shop to make the. money. Okay. So from January to August I. was doing mobile work and we just need.

to kill these man. We just again just. where the way we're managing our money. and the way we spend. We haven't gotten. to your spending yet but the way we. spend is just absolutely ridiculous when. it comes to still having these cards. that is acrewing interest on a monthly. basis. So again, $2798 on here. Probably. like a 30% interest rate. Yep. Then. another credit one. This one, this. balance is much bigger. $54 minimum. payment and a $1,6441.

balance. I don't think I've used that one though, have I? No, you didn't currently spend. on this one. That one. But there is. $26.32. of interest acrewing. So, those have. been a ton of fees and a ton of interest. this year. So, the minimum payment. Yeah. I' I think I've paid more than the. minimum payment really, right? Yes. But, and that gets me to another confusing. thing. We may as well talk about this. No one has no debt payoff strategy is. what you're doing. No one advocates from. it. From at least anywhere that I've.

strategy, you're putting a little extra. towards everything. A little extra. But. that doesn't get you anywhere quick. Oh, it gets you there quicker than just. paying minimum monthly payments on. anything. Yes. But it doesn't get you. there quicker than focusing on one debt. So, take all the extra from others and. put it all into one and make minimum on. others. Exactly. Until that one's paid. and then take that extra to another. You. said you watch the show. I'm not going. to bully you for that cuz I want to. teach you. But, okay.

You said you were out there. Yes. Okay. I've learned a little. take it all. And. what I'd recommend for you just for the. discipline side is probably just throw. your smallest debt and just keep doing. that every single smallest debt. Would. it be better to do it to the biggest. debt since it's going to acrue more. interest? And then there's the avalanche. method method which is throw it at the. highest interest rate debt. Highest. interest rate. Yep. And mathematically. that one still works more. It doesn't. make sense to just attack the largest. balance one because the largest balance.

one might have a really low interest. rate. then you're absolutely trying to. hammer that one down. Well, a small. small one with the high interest rate is. just sitting there. So, we either want. to focus on the highest interest rate or. the smallest balance. Whichever one is. costing me more a month. Well, no. To an. extent. No, the highest interest rate, that's the avalanche. That. mathematically technically does get you. there a little quicker. It's not. dramatic, but more people find success with the. snowball because you see more progress. being made because you can knock out a. small bounce quicker. And that's a. psychological win. So, even though it.

might take a month longer, you have a. higher chance of completion. That makes. sense. Okay. Okay. Prosper. Why Why are. we Why are we not prospering with this? That one was just another credit card I. opened for the same reason I opened the. credit ones. Uh I've used it quite a bit. more. Uh and I don't think I've used it. lately, but I've same same situation as. all the other credit cards. Paid a. little bit extra, but it's the the credit cards are kind. of all in the same boat. if I'm being.

honest. Okay. Open them about the same. time for the same reason and in the same. boat as I am today for all of them. Oh, no purchases, barely any credit available, only a. little more than the minimum payment was. put towards it. Minimum monthly now. minimum monthly now is $41 and it's. currently sitting at $1,136.88. Seven years to pay off. Doing the. minimum or doing the payment you did. last time, it still takes three years to. pay off. That's a 31.24% interest rate. Yeah,

it's that's your worst. Yeah, except for. the 200%, but we're going to take care. of that. $222. Now, mind you, we have to. take care of that $900 in 2 weeks, but. we also need to take care of that $362. in four weeks. So, now it's starting to. stack up before any punishments hit. And. that's where life happens. And that's. why it's risky to take out because you. didn't even know you had that back. interest on that other card. And now we. have two things we have to pay off. instantly. which takes more money away from other. things. And you crewed almost 500 bucks.

in interest a year this year so far on. them. CJC Off-Road. What is this? Uh. front end parts from a truck. Okay. You. owe $2,28.70. Yes. I can't tell what the minimum monthly. payment is because you've made various. amounts of payments. It's. uh 130 if I'm not mistaken. Okay. Interest on this. I think it's about 30.

30. Good. So, so we can get a 30 in 2003 to 2013. Ram 2500. 3500. track bar. Track bar and other items. And other items. I mean, it was ball. joints and a lot of other gota gota get. your ball joints. Well, got to keep the. truck on the road so I can keep the. business going. Well, yeah, I'm not. against it. Everyone's got to repair. their vehicle. I'm not against it. I'm.

just against a 30% interest rate loan on. it when you have okay cash flow. Seat geek, do we need this to keep the. truck on the road? No, but I don't work. to live. I live to work or I don't live. to work. I work to live. Yeah. And I. wanted to go see Slipnot. But you're. doing neither of those right now. I am. living right there. Yeah, but you. haven't paid for it yet. Well, I just. got them. Yeah, but you haven't paid for. it yet. Well, no. The living that we're. doing that I want you to do from the. successful business is.

paid for. You're. you're you're working to live is. literally true because you are working. to pay for your past living. You are. literally forced to pay for something. that's already been purchased because. you finance everything in the world. Yeah, it's this is what we get to this. is what everyone gets to do. This is. what everyone gets to do when you do it. successfully. I you know I'm I'm still.

not just an absolute just blower of. money. But one thing that's really. exciting is I got to buy a friend a. ticket to go to a football game in a few. weeks at Texas versus Georgia. It's. going to be like the biggest game in the. regular season this year. Number one. Number two. That's exciting. I get to do. it because I've budgeted. I've made. money make sense in life and I'm not. financing it in a way where I need to. keep the business going in order to pay. for a past event. So, the idea on this.

was I they were coming up in about a. month and I wanted to get the tickets. for myself and three of my friends to go. see them cuz we didn't know when. Did. you pay for them or did they pay back? I. paid for them. Did they pay back? No, I. didn't ask them to. I That was not part. of the deal. I paid for their tickets. It's not like we have a 200% interest. rate loan just sitting there. Well, that's different. But on this one, kind. of not Well, it's not for tickets. It's. not for tickets, but it's sitting there. and the ticket money could have paid it. off. Could have, but that's the point. that that's But then we couldn't go see.

Slipnot. Yeah. No, I think Slipnot's. desperate to continue to perform. forever. Not really. They're selling out. shows still and they're still extremely. popular. So, I don't think they're. desperate for much. Okay. Not desperate, but they've been performing forever. So, I think you could see him in a some. other time. Maybe or maybe not. Or also. maybe you didn't have to pay for the. three friends. I wanted to. There three. of my best friends. Well, I know you. wanted to. That's why youing did it. Yeah. So, I'm saying maybe you didn't. have to. Maybe I didn't have to, but. then they probably couldn't go and I. wanted them to go with me and it was a. good way to do a gift. You know a good.

way to do it. This is what I've done. If. there's other events that other people. can afford, I say, "What can you put. towards it?" Then they put what they can. put towards it and then I'm cover the. rest. Well, I got that. But I try not to. do that if it's something that I want to. give them. It it was a surprise. It was. a gift and I looking at I get that. I'm. not against the heart. I think you're. confusing this conversation. I'm not. against certain things you're doing in. the business. Not against keeping your. truck on the road. I'm not against doing. this and doing a gift thing for the. friends. I'm not against any of that. I. am against how you are doing it and when. you are doing it. This does not make.

sense right now. You have back interest acrewing on a. card. You have a 200% payday loan. essentially that's going to hit if you. don't pay it off in a couple weeks. You. have all these ticking time bombs. You. don't have a single penny saved for. taxes of which is likely going to be in. the tens and tens of thousands of. dollars that you do not have saved. But you think that now is the time to. splurge on Slipnot. It's not. I'm not. against that as a concept. I'm against.

you doing it now in this way. You didn't. even pay for it. You financed it. I did. I figured I can make the monthly. payments comfortably and be finally. comfortably. You just said you have no. money left over. Well, I make the money. I'll find a way to make the money. I. work harder, make more money instead of. You're going to have to make a lot more. money cuz again, we found two ticking. time bombs. Okay, I'll make more money. then. I hope so. Yeah, that's the There. is a certain point where you can only. get pushed too far. I don't know what. that point is. You haven't found it yet.

You haven't found it. And that's that's. okay. And I don't necessarily want you. to find it. That's. living to work. The thing you don't. want, but you're pushing yourself to be. forced to do it. Okay. 1,000. Concert was cool, though. Good. $1,493. $135.77. Okay. That's the minimum monthly. interest. About the same 30% for 30%. I. think that's I if I'm being honest, I.

don't know off the top of my head. I'll. slip knot for 30%. It may not be 30%. I. I don't know if I'm being I don't know. the amount. Going to slip a knot around. my neck after find it out if you want me. to, but I don't know it. It's fine. It's. not. But we're not going to spend. estimating about 30 because the the. payoff there is if I do the minimum. monthly payments, but if I go to pay it. off today, it saves me on the interest. and it's a little bit less than what's.

shown on the schedule there. It's like. like $200 less if I'm being honest. So, whatever that interest is. Oh my, we're. affirming Walmart. Oh, and that Yeah, that was a stop. I. wanted a new TV. Yeah, you want a lot. You know what. adults do? They don't do exactly what. they want all the time. That's just. called being. your Okay, then you're not going to. exist in this world. You're not going.

toinging make it. Your business is going. to close. Everything's going to go to. cuz that's what people that just live. wants above all else have. Have you watched the show? You said yes. If you watch the last two and a half. years of the show, you know that people. that put their wants at the top lose it. Here's the thing. I will work for my. wants. I will work to make sure that. every We don't know where that point. goes. And you don't know how long your. business survives. We don't know. But. I'm still going to get there. I'm going. to do what I have to do. Your poor widow. knees hurt from hiking. That could.

happen to a more extreme situation. tomorrow. And then you can't bend over. to fix a car. Okay, it could. But still, I'm going to do everything in my power. to make sure that everything everything. in your power. I don't give a [ __ ] about. everything in your power. I could say I. could do everything in my power. That. doesn't matter. What happens is say in. the real no no. What happens in the real. world is something happens and then you. can't regardless if everything in your. power was attempted. I don't care if you. put in the effort. I only care about the. end result. And if you get that sucks. That ruins everything. Ifs if life is or.

if I do good. If I work hard enough to. get to that point, what's the. difference? If I could die tomorrow, I. could walk outside and die now. Or I. could walk out and change everything and. everything would be perfect. If is. change everything based on what we're. saying. Yes, please do. That'll change. your life. But can't live life off of. ifs. No, it's not living off of the ifs. It is living off of risk mitigation. It. is preventing yourself. You are I have a.

business emergency fund so that if. revenue drives up for a couple months. for some reason, you know, algo changes, who knows? We can survive. My employees. can get paid. It is risk mitigation. You. are allowing yourself if anything bad. happens, your business is gone. Your. employee is. it's not about living on ifs. It's risk. mitigation. and the fact that you don't see that. terrifies me for you walking out this. I. do see it. I do see it. It's just we.

look at it in different ways. But you're. People who look at it in my way tend to. have a career in retirement and business. that lasts for decades. People that look. at it your way show up on the show with. mountains of credit card debt and no. path forward. What way seems to work the. most amount of time? I'd go that way. personally. Walmart card $988. Sorry. On. a firm in 99. Minimum monthly payment. $901. What's the interest rate? Probably.

30 about. It's great for TV and a sound. bar. Well, so imagine you walk in, you. get the TV and the sound bar and there's. a 30% tax on it on top of the normal. 8.5% tax. That's what you're paying if I. do the minimum monthly payment, which is. what you do sometimes. If like I said if. every time on here it's only been what? Two payments. Three. Okay. Oh my. This. continues. What? Thoroughb bread. performance. Turbo for the truck. Turbo. went out. Okay. Did you do you need.

turbo? Yeah, it's a diesel. It requires. turbo. Yes. Gotcha. Not a diesel, man. Personally. Understandable. For the more. convenience of never having to stop at a. gas station. I wish I could do that. Yeah. Everyone. will get there once they realize how fun. it is to drive. Oh, I think they're. cool. I'm assuming you're talking about. EVs. Yeah, I love them. Personally, I. think the Cybert truck's awesome, but. it's not so much fun to drive. It's not. hauling the stuff that I haul, though. That's the big thing. Does it not?

Doesn't it have like uh I have a threec. car trailer that weighs 30,000 lbs. Okay. Tesla ain't doing that. Okay. So, that's. where diesel comes in. Maybe in the. future, but not today. Yeah. Yeah. I'm not in the hauling game. Can't. speak on it. But the Tesla semiis look pretty cool. Instead of sitting behind a semi trying. to get to 60 miles per hour for like 10. years, look at the Edison uh semi gener. uh generated a diesel generator powering.

electric batteries being done in Canada. And it actually out towed the Tesla semi. by 65,000 lbs. That's wild. And it gets. better fuel mileage and it can run red. diesel. which is tax exempt. Is it flavored. better? It's tax exempt. Okay. So, because it's a generator, it's not an. engine. That's cool, though. So, that's. it. Just little piece of information. No, that's fun. I love it. I'm I'm all. into that. Um, okay. So, we're sitting. at $1,98.36. on here. 30%. Of course, $23852.

minimum payment. Yes. One of the months. of the four you paid extra. Paid extra. Went ahead. These minimum payments are. stacking. And now I'm starting to. understand, wait, don't do I have money. left over? And you have to put things. like credit card because you've only. ever gone into debt ever. Yes. What am I. looking at? I mean, this is a credit. report. What is this? Collection. Collection. You have. collections? I think I have two. I have. one small one that I have a small one.

711. That's a small one. I don't remember what it was for because. it just says complete credit solutions. So, it's that's who it was sold to. Yeah. I don't remember who was it. It. was two. You don't remember? No, it was. a while back. But it's only been on your. collections for like a year and five. months. As far as I can see, I'm not too. sure. But I What do you allow things to. go into collections anyway, man? That. was Yeah, bad decision- making. And it's.

What was the decision- making? Not. making the payments. Why? I didn't have. the money at the time. So, why did you. work a job in between? My thought process is I don't want to. work for $10 an hour when I can try to. find a job that works better. So instead. of me jumping over, I get the. philosophy, but you just didn't pay your. bills and it went into collection. So. obviously that failed. I never had a I. never not had a job for more than a. month. I've since the day I graduated. high school, I've been working and I. think a month has been the longest I've.

ever went without a job. Well, it. wouldn't have gone into collections. I'm. missing a month. I I don't know what the. reasoning was. I didn't make the. payments. It went into collections. Well, the fact that you don't If I knew. what it was originally for, I could. probably elaborate on it more, but I. don't remember what that collection was. for. Wouldn't not knowing why you stopped. making the payments make you a little. more afraid for the future? Oh, it. sucks. I agree. But I mean, if I don't.

know what that is a whole different. scenario than now. Now I am making my. payments. I'm making my even though it's. a minimum monthly payment, I'm still. making the payment. I'm not letting it. go to collections. What is Stanford. Group and Associates? That one. What's the amount? This is. also in the big one. 3,614. What was. this for? Uh, also don't remember. Oh, come on, man. That's a huge balance. You. don't remember? I don't. I really don't. Uh, it may have been a AT&T account way back.

when that just recently went to it cuz I. shut down my AT&T card or not card, but. I'm not surprised they're taking out. predatory loans to get it. Your credit. must be It wasn't the best for a while. It's gotten better. What's better? I. screwed it up in the Marines. What's. better? Where are you? Had a 675. It's not good, but it ain't like No, never got to. Where are you stationed? Cherry Point, North Carolina. How's. North Carolina? That's what I'd say, too.

Harley-Davidson. Oh, so we're treating. ourselves as well. Yeah, I like I like. my toys. I like my my cars, my trucks, my bikes. So, like I said, work to live. Yeah, but you're you're. really living that literally. Yeah. Like. again, you're literally just working to. pay off your past things that you spent. on fun. You're being forced to work. You're not working for your future.

living. Well, most people have. automotive loans. You want to be most. people. Well, no. Cuz that's how you. said it. Most people don't have loans. and because it's common. It's okay. Not. that it's okay, but it's not bad either. Yes, it is. Not really. Yes, it is. What. do you mean? It's a 72-month loan. Are. you stupid? That's bad. Okay, it's bad, but it's a common thing to have. Okay, so it's good because it's a common thing. to have ground. So what what's the point. of even saying that? Saying that what?

It's a common thing to have. Like that. excuses it cuz I feel like it's a common. thing. It's what's the point of saying. everyone has auto. What's the point of. saying that? It's not a credit card. It's an automotive loan for a vehicle. A. toy. This one specifically. I depreciate. an asset. Yeah. And that's good. What? Because everyone has it. Just like. everyone has a credit card, you know, credit card balance. Because people most. everyone doesn't have an emergency fund. Most everyone doesn't have a proper. retirement fund. Those are all okay.

because most people have it. I'm not. saying. Are you going to really make me. say the bridge thing? Oh, please don't. Because you know that's exactly where. you're going, though. All right. Let's. have a little more fun. If everyone is. sticking out their Does that mean it's. okay for you to do so? That sounds. extreme. It does. That's the new version of that. Is it. you? Do you know about it? Because I. certainly don't. It's what we do in. Austin. Gotcha. That makes a lot more. sense actually. So I come in here all. high energy. That explains why. Yeah.

Okay. So, but again, it doesn't make any. sense just because other people because. maybe that wasn't the best thing to say. Okay. But Okay. As long as you I'll. retract that statement. Okay. Just cuz. everyone has it doesn't mean it's okay. for me to have it. But yes, you want to. be better than everyone, right? Yes. That's always not not better than. everyone in terms of like I'm better. than you, but in terms of just you seem. to be doing well. Yes. And getting that. does it show the interest rate that. what's the what's the balance on that. one? 7,737.

on this one. You don't want to know. Tell me. 27. May as well be a credit. card. That may as well. And 27%. Harley-Davidson. When I bought that. bike, I thought I read the the fine. print and the interest and I asked all. the questions I was supposed to ask. What's my payment? And they told me it. was supposed to be for three years. $257. a month for three years. That sounded. great. And then after everything has.

been done, turns out it was for six. years. Oh, seven, buddy. Seven. 72. Oh, sorry. Sorry, sorry, sorry. Yeah, I was reading 76. I was reading. months. I was reading months. Okay. So, I was under the impression it was a loan. for three years and because that's what. I asked him for and then How much is. this worth if you could sell it today? About 4 grand. About 3,700 now. Yeah. 3,700. I'm going to be like everyone. else who rides on a motorcycle and I'm. going to go kill myself. That'd be fun.

Wouldn't have to pay the debt anymore. Bank of a Missouri credit card. Uh, what's what a Bank of Missouri credit. card? I don't know. It said 217 bucks. I don't. have I don't know anything of a Bank of. Missouri unless it's named something. else. Um, well, that's what uh the. producer looked up. Either way, you have. a credit card 217 bucks. Okay. $40. minimum payment. Probably 30% 30%. interest. Probably. It seems to be a.

recurring number here. Addicted to the. 30%. It just doesn't make sense. You. know, when invested in the market, in. the stock market in general, the best. return you hope for is about 8 to 10% on. a yearly basis. You're losing triple. that. You are making them so much money. You want your money to be working for. you, buddy. You know, when it comes to. the working to live, living to work. thing, the best third status to get to. is just allowing your money to work. instead of you so that you can live. But.

you're doing the literal opposite. I I. would like to work to get there. I don't. know how to make my money work for me. because all I've ever done is work for. the money. We'll talk about that. We. need to talk about that. Um, does that. say what it's too? No. Oh, that was another one. Oh. Oh. Whoa. Whoa. Whoa. Whoa. Um, no. We go to the. next one. Hold on. What is this? Oh, me. Is this a separate one? What am I seeing. here?

What is this? Milestone. Maybe Mstone. Milestone credit card. Oh my gosh. Do. you There is a milestone credit card. You have This is so crazy. A lot of. credit cards. This is two days in a row, by the way. And I know the videos come. out at different times, but you're just. like breaking records and I didn't I. don't know what's happening or is there. something going around? This is insane. What's the minimum payment for that? Off. top of my head, I don't know. I do about. 50 though. I'll say 50. Yeah. Okay. Care.

Credit card. We have a care card. Oh, okay. $362. $30 minimum monthly. Probably 30%. Please don't spend on it. I can't see. What is this? 3,719 for what? Luckily, it's about to fall off. I'm not sure. What does it say? I'm not. even going to put that one cuz that's. going to fall off soon. But geez, for. sake, by the time we're done with this, you have to we previously acrewed from.

So's this one. My gosh. Snap. Snap on. Snap on. $3,000 there. No, that one was. $1,100 or. wait. Uh, no. $3,30. But you don't know. your number. Cons. You read. right there. It says cons. Cons. That's. not this one. Oh, give me one second. Snap-on credit. right there. One second. One second.

Okay, so cons is 3,100. Cons is three. The Snap-On I I've never had one at that. high. This is what happens when you. cannot provide statements. We have to. screenshot your credit report and try to. get into my con. Try to make it. readable. Okay. And then I mean all these they're. like almost seven years. So, most of. those were done back in the military. Okay. And I've I haven't paid on them. because Okay. Why didn't you give us the. Discover card of $832? That I That is.

actually not mine. That's my. grandfather's. He put me on back way. back when that means you're on it. though. I don't pay it. That But if he. he put me on to help me build credit. If. he has a class of grandpa moment and no. longer lives. Mhm. Oh, he he has it. covered. Okay. I I can promise you not. paid off cuz he uses it every single. month. He pays it off at the end of. every single month. Then it's just. reporting a balance month then. Another. Harley-Davidson. Is that my new one?

That's my new Rogue. I want to I'm going. to burn this place to the ground. It's. outside too. I wrote it here. So, I'm at. least using it. That's my brand new. Rogue Glide that I bought two months. ago. Okay. It's not 27% interest. And what's the. interest rate on this? That one is at. 12%. Okay. Hey, let's go see what. $30,000 to 12% [ __ ] looks like. Huh? Okay. Show me. Take me on a little tour. of Yeah, let's go. Uh, so what's the. point of going into this deck? Cuz I. guess it doesn't matter. You're You're.

going to die. Well, that's all the end. goal, right? Is it? Fight. You know, this is the first time I can. say this in terms of the tours that we. do, but I think it's pretty. Well, I. appreciate it. I don't I I literally. know nothing about bikes, so I have no. idea. I understand why you don't only. wear a helmet. I probably should. I. mean, got a nice 12.1 in touchscreen. with navigation. That's good. I mean,

you're obnoxious every time you drive, but I am not to everyone else. No, I'm. not. You're loud. I can promise you that. I am not. You're not loud. No, it fire. That's factory exhaust. It's still loud. Okay. It's a little loud. Yes. But that. I have not changed it and I don't play. it. I like that. I hate the loud obnoxious. Did you recognize how recognize how you. had to yell? Okay. People are trying to.

just exist and then you know why cities. are loud? Because of vehicles, not. because of people. You can be in very. populated cities and the factories. And. they could be and they can be really And. the factories that build Tesla. What? And all the factories that build Tesla. Have you been to the Tesla factory? How. loud it is? It's not just a vehicle. Is. that in the middle of a city? Well, no. It's in his own city that he built. You. talking about I'm saying the only I'm. saying factories in general. Cool. They're not in the middle of a city. Some factories are. Huh? Some factories. are. Okay. This is what I'm saying. People are always like, "Cities are.

allowed." Cities are not allowed. The. cars in the cities are allowed. Only. American No, not people. Buddy, I'm. getting a house in a very walkable, very. nice area. Very busy area. There's. almost no cars. Ton of people. It's. quiet. It's peaceful. You can hear the. birds. You go downtown, it's loud cuz. people are driving their Harleyies. through it. Well, everyone's just trying. to exist. You make places unlivable. Thank you. You should hear my truck. No. thanks. Why' you get this if you already have. the other one that's underwater at 30%.

My stepdad has been paying on the other. one. He's been making the monthly. payment. Does he have it? Which is why I. bought the other one. And then shortly. after I bought the other one, he says he. doesn't want to make the payment. anymore. Well, I'll cross that out. Uh, so I bought that one thinking that that. other one has been covered and now it is. not. I'm currently in the process of. finding someone to take over the payment. of the other one to mitigate that issue.

Who's going to take it over? Why would. anyone want to take it over? They would. want to sell it at the value of the car. Buy it at the value of the car. Some. people will. $4,000. Yes, there are. stupids out there. $655 minimum payment. I don't even want to continue this. So. stupid. Yeah. You know the answer to. this? It's to sell it. No. Okay, then. why would I why why would I buy it just. to sell it? No offense, but that's the. end of this episode then. Why? It's like. the most basic thing, basic sacrifice.

If you're not willing to sell a vehicle. that is not your primary transportation. device, there is no point of us having. this conversation. Not willing to. sacrifice. There is nothing. There's I'm. willing to sacrifice. I'm willing to. make the payments. No. That's so dumb. Why would I want to sell something that. I just bought? Because it was stupid. It's a minimum monthly payment that is. $655. It is at 12% interest. So, nothing. you're doing is beating that. Not beating what? The 12% interest or. what? Yes. What do you mean nothing I'm.

doing? You're not getting a better. return on your value in your money. Well, no. Of course not. You don't. whenever you buy something new. You take. that risk whenever you buy it. There's. plenty of new things that you can buy. real estate. Not motorcycles. Not right. Which is why I'm saying get rid of it. Well, why why don't I just make more. money to be able to get it if you That's. what That's what I would have supported. Make more money. Buy it in cash. That's. what I would have supported. And you're. That would have been great. You're not. willing to do this. We didn't even get. to the spending, guys. I'm sorry. That's. it. If you're not willing to change, it.

is not worth our time. No, it's not. that. It's I don't want to get rid of. one thing. This is not worth I don't. want to get rid of one thing. And now. this is not worth over me not wanting to. get rid of. This is me. I'm not going to. waste my time. I'm not going to waste. their time. You're not wasting time. I'm. wasting time. If you're not willing to. sacrifice any thing in this. conversation, so I'm done. This. conversation is done. We can film the. post show for the members, but this. conversation is done. The episode is. done. I'm not kidding. There's no point.

I don't get it. I really don't. I don't give a I if I try to sell it, it's brand new. It's going to. depreciate. Mute his mic. Mute his mic, please. I don't give a mute his mic. I I. I don't care. I don't care. Hammer. financial score you uh we'll do the post. show. We're going to do that because we. have to do it for the members and thank. you for the members being here. But I'm. not going to go through this. This is. stupid as if you're not willing to make. a sacrifice. Make sure to check out the. budgeting and investing class. It's 15%. off. Link in the description below. Your. mic's muted. It doesn't matter. It's.

done. I'm not talking to them. I'm. talking to you. There you go. It's done. Today on the Financial Audit post show, I'm pretty bummed out we didn't get to. the spending in that cuz there was some. crazy. There were two cars we didn't. calculate as well, didn't he? Yeah. So, we're probably pretty close to 100K. My. life. Yep. Okay. The debt ended up. stacking up to $66,65357. He quoted it at like 128,000. I think. I'll kill my life. Yes, we can go. through the spending now. To watch the. financial audit post show, click the.

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