Stubborn 41-Year-Old REFUSES To Pay His Taxes | Financial Audit

I'm Gino I'm from Tampa Florida I'm 41. years old and this is financial. audit wow I thought you were younger you. look young yeah congratulations that's. nice I hope they look young got good. jeans I'll be 41 next month well thanks. for coming here uh and what do you do. for a living well I work for an energy. company I travel all over the United. States I travel to uh power plants. substation nuclear power plants so I got. electrical and instrument a back.

background oh very cool so what are you. bringing in right now with that position. well I work between 50 and 84 hours a. week what the okay okay and uh it. depends it depends uh the last past of I. think I sent it to you um I brought in. 3500 a little bit over 3500 a week oh. this is weekly yeah this is weekly oh I. was about to okay yeah that math is.

making more math right now does that. feel like a pretty average. week yeah yeah pretty average week for. me do you take weeks off no no weeks off. I mean seven days a week so. $188,000 a year net is what that's. including per DM I get uh. 490 per DM a week how much 490 490 wow. okay this is a pretty good job this is. an industry for people to get into H. always make some money yeah hard work. lots of travel lots of time you don't.

have to go to college for it you just uh. I don't have no college background um I. just learned on the field I learned. quick I bought books studied what was. like the entry position to get into this. I'm curious um apprenticeship electrical. apprenticeship that's where I started. from and I just saw other people you. know working and how they do things and. I just needed to make the money as quick. as possible yeah so since I was an. apprenticeship two years later I became. a journeyman oh and it takes about five.

years to be a joury electrician that's. really cool though wow what a. career is this oh for okay so you're. wted yes how long have you been doing. this job for this company uh I've been. with the company for 18 months how do. you owe so many. taxes like back taxes so on prev job. when I do my uh my tax form I usually. put single and nine dependence single. nine dependence single and five.

dependence oh okay and um I guess as you. can see in front of you it got it got. back back letters to me you got audited. no never got. audited are you single and do you have. five dependents no how many dependents. do you have none okay why why did you. say that I got I mean I don't know I. just I feel like I work really hard for. my money yeah and just giving it to the. government it just really nobody likes.

it yeah it's just but I got I never got. a I just got letters hey you owe this. kind of money I call the IRS I uh made a. deal with them and I'm making monthly. payments on them you do work hard and. you make a lot of money and you pay a. lot of taxes and no one likes it but if. you see the pay stubs the taxes that I. take out a week that just burns my blood. but if there's anyone not the with it's. the IRS cuz they come down hard I know. they do I know they doz so you got you. up getting on like a p payment plan with.

them yes so I owed uh well I just paid. off 2018 I owed 19 I did owe 20 I paid. that with a credit card I owe 21 and uh. hopefully I don't owe 22 okay so this. explains all the debt you have way too. much debt for your income cuz you making. this income for the last 18 months right. yes what where is your money possibly. going other than paying off this deck. cuz this is insane.

well I got a girlfriend um been with her. for 10 years we have a daughter together. she doesn't work she haven't worked in. 18 months you have a dependent yeah oh. okay well I don't put that well I don't. put that in my tax form cuz the money. that I make I end up owing anyways okay. sorry go ahead yeah so um I take care of. her she'd hav like I said she hasn't. work in 18 months you going to adjust. this just so that we can see more of her. face and uh she got credit card bill. that I have't uh disclosed she got about.

around 25,000 credit card bills she's. your girlfriend though she's not your. wife yeah she's just my girlfriend okay. I live with her are you guys ever going. to take that next step you don't have to. but I'm curious hopefully yeah oh I have. to cuz um tax benefits and I really love. her a lot you know so I just we I didn't. have the time to propose and I'm. thinking about doing it here sometime. soon oh okay just cuz of work and stuff. it's just I got a lot of things in my.

plate I got like the Eiffel Tower. hanging behind me okay that's how I feel. right now I'm just like but we're not. taking care of her credit card debt are. you I am yes you're not married man I. know man I've been with her for 10 years. I get that it's just like in the. financial picture in terms of you guys. hitting goals and then there's also just. legal agreements between you two that. come with marriage and everything it's. just like does it make sense for you to. be doing that especially while you have.

so much debt to your name to your social. security number I I believe the money I. make I could cover both of us like I'm. the head of the household now then why. is this not paid off that's why I'm here. well why is not paid off though I've. just been slacking off and just ignoring. it where's the money. going. um I like to uh I would draw a lot of. money out and I like to go to the. casinos oh yeah okay like to or is flat.

out is it an issue no it's well to me. it's not an issue to my girlfriend she. says I got an issue I need help okay. well typically I'm not going to diagnose. I'm not qualified for that by any means. but if someone else especially those. closest to us say we probably have an. issue in that then it might be something. worth considering I like rolling the. dice but as you can see in my statements. I crap out what would you give yourself. 0 to 10 your financial score today how.

minus eight it's the first time we've. had a negative all right that's a NE. I'll be honest with. you okay well we'll start off with the. debt we have a Quicksilver card yes this. bad boy is at essentially. $3,000 can you bring these up on your. phone because since you were not you. took screenshots you didn't pull up the. statements there are transactions and I. want to see what they are yeah. absolutely and these credit cards like. 99% used oh in terms of their.

utilization yeah that's only a 3,000. credit limit and I'm using like 99% of. it but here you could just tap on it and. you'll see you are the proof To America. that higher income does not equal good. with finances exactly I believe money. management it's a it's a. scale. 20 is your minimum monthy payment which. means if you just paid that forever it. would be like.

the. death okay so let's see here recent. transactions Texas Roadhouse I love. Texas Roadhouse but if if we are at the. max why are we possibly putting $17 on. it do. you where what's your mindset behind. putting $17 at Texas Roadhouse which as. far as chain Stakes go pretty good. but why you're not paying off the card. yeah so so that day uh my C my debit.

card got. um got. stopped and I had to use the credit card. to pay the bill like it wouldn't pass by. like it would got declined why' you have. to go to Texas Roadhouse though why' you. have to spend the money anyway like I. wouldn't be going there if we have that. death insane debt well I bet the. interest rate on here is what 20 30% uh. 29.5. go dude. 29 okay.

okay say your credit score is 600 yeah. credit credit score is not looking good. either. no. if if you know you owe. $3,000 at 29% interest rate why would we. go to why would we go out to eat it all. why would we go out to eat it all okay. if it's something coverage by your per. DM that's something different but why. would we be spending money at all that's.

insane my dude yeah yeah I need to I. need to work on that that's something I. need to work work on that you need to. stop that that's something I need to. work on yeah and stop on it. yeah sometimes I mean $72 lost on a. monthly basis on I sacrifice a lot of. work I work a lot of hours you don't. think I I deserve at least get treated. it's not that once a week or tce you. work a lot of hours so I want you to be. able to live this life but because of. your choices and your actions right now.

you're but you're so far in a hole that. you're working just to survive I don't. want you to work to survive I want you. to work to thrive but you're not even. close to thatly no I'm. not okay that's upsetting my dude but. that okay we have a platinum card that's. over the limit right there that's a $400. limit and I'm over n bucks as you can. see and uh transactions I don't know if. you look looked at them or.

not so you've seen a few episodes yeah. what are you not we're not credit card. people you are not a credit card person. my dude yes and you've heard me talk. about it and it's what I recommend to. people in your position if you're going. to use a card you want to take advantage. of those extra systems use the Fizz card. because it acts like a debit card okay. if you want to take advantage of the. benefits to your credit score but my. dude you're not a credit card person you. cannot use a traditional credit can I. see the transactions for this absolutely. it's only $400 $9 but it's just like.

it's so stupid you're. $916 above the. credit and on the last card you had 38. cents of available credit left yeah um. why why are you laughing it's not funny. to me that's terrifying that's. devastating that is terrifying and that. is devastating I want to take a brief. moment to thank today's episode sponsor. Opus and this is an exciting one because. we are doing a second contest for a. giveaway and in this contest you can win. $11,000 and here's how it works Opus. clip is is the ultimate AI tool that is.

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is $100 and for the grand prize the. person who has the most viewed short. across all the platforms they will win. $1,000 the Only Rule is that you have to. tag my Tik Tok or YouTube channel at and. put YouTube Caleb hammer and # Opus clip. Takeover in the description of your. videos and make sure you put your. Instagram handle in the description or. in the comments so we can reach out to. you we just recently ran the first. version of this contest and we're giving. you another chance to win good luck to. all and thanks to Opus for sponsoring. this episode here here we go here's the. the transaction I.

mean apple apple apple what are these. what are these what are these Apple. Chargers subscription music $20. music yes subscription $20 of music I. like listening to my music I like. listening to my music too but isn't. Spotify like $10 a month I haven't used. Spotify what do you use uh um Apple. music Apple music 20 bucks a month. I don't know CU I don't use it and then.

there's another 99 cent one and a. $4.99 so okay when did you start. deciding you wanted to turn things. around when I saw your show when did you. start seeing the show uh about 3 months. ago 3 months ago so this is unacceptable. why have you not taken what a lot of. people have done on this show and been. like oh let's get my life in order. why have you not taken that and made any. progress cuz at least some of the people. who are coming on the show who've you. know started watching the channel.

they've had like a month of progress. before coming out but you haven't had a. second of progress why have you done. nothing what can I do to get you over. that hump if seeing other people's. situations which thank you for putting. your situation on display I really do. appreciate that you're helping thousands. of people out there but still why have. you not given a single sh about your. future you know what that's that's a. question I ask myself and I and. truthfully it's like uh I I try to live. day by day I I spend my paychecks every.

week um day by day is not a successful. so I don't I don't plan the. future um I mean what if I leave out of. here and you know something happens to. me then you know what I mean it's just. okay well here's this if you die that's. what my mindset is at right now and I. need to change that and I need you know. I need some help changing that no let's. say let's say that mindset is correct. okay if you die then what does it matter. if you spend all your money okay at the.

same time if you. die what does it matter if you. sacrificed the whole time anyway and. didn't have fun you wouldn't know you. didn't have fun you're dead exactly so. who gives a so sacrifice now for. the potential future exactly and and. plus you know I I got my um I got my. daughter and I want to provide for her. and I want her to I want her to set her. up for uh for success in the future. absolutely that should be the big. motivator if there's a motivator I would. love for you to care about yourself but. care about her and then care about the.

potential future partnership that you. want to have with your potential future. wife how old is your daughter 18 months. okay wow and I got a 12-year-old as well. okay and I paying childa support on that. one oh okay yes so. that's probably a lot of money um okay. yeah well either way I mean I've seen. your retirement account for 41 I'm. terrified I just started a retirement. account 18 months ago did so I'm. disgusted Ed ly.

terrified what we do if you are not. taking care of your situation of which. you are fully capable with your income. to take care of your situation you are. selfishly choosing yourself over their. potential future and I'll explain why. because if you in your situation where. you are physically and mathematically. able to be able to retire likely a. millionaire and you're choosing not to. you're putting the burden on them right. now to have to take care of you in the. future because you chose $100 a Texas.

her house every single second of your. life instead of setting yourself up for. Success that to happen I don't want that. to happen either yeah that's a nightmare. that is a nightmare so what we do okay. then we're going to create good I'm glad. you've gotten to that point where you're. like okay I don't want to happen that. can be the wakeup call I'm a little. nervous that okay you've decided you. haven't wanted that to happen for 3. months since finding the show and you. haven't taken a single inch of a step. for forward that makes me nervous but.

maybe this conversation maybe this talk. will light the fire under the that is. necessary to get you to a better. position but I need to be very clear. that I'm nervous from the lack of any. attempt so far and that flame need to be. big it does because what can often. happen for people in this situation I. mean I get emails uh all the time of. people who' have been on the show who. have made progress right and that's. great and I hope we do follow episodes. with them in the future things can take. years to get out of so there's no point. of doing a follow episode yet until.

they're out of it. but there's also been emails of some. people who have fallen behind but they. had a fire L on there for a few months. okay you worked your off dude you what. did you say like almost 70 hours a week. sometimes 70 hours a week sometimes I. feel like you might have a fire under. your for a few weeks and then you're. just going to get so burnt out you're. like just fall back into Old Habits. because that fire will just have dimmed. and you're like yeah but comfort of. right now because I'm just working and. working and working is more important. and that's what scares me so the project.

I'm at right now in Phoenix Arizona it's. a solo project um so that contract it's. uh 84 72 to 84 hours a week and I was. there since. March okay it's crazy hours but good for. you man I mean you're working we just we. just need to take that work and that. income. and use it to better your life instead. of just feeling good in the moment we. have this other loan what is this loan.

for that's uh that's kind of. embarrassment so um let me tell you all. about it that's uh One Main Financial so. I had a. vehicle and I took a loan out of the. vehicle uh it was. 19,000 and some change I took out that. payment is. 515 a month and that interest rate is. 29% no it is not yeah so that that right. there is like. no I I wasn't thinking when I did that.

do you even use this car is it with you. in Phoenix h no that it's in uh Tampa it. just said it' been sitting there for. about a year dude you're going to you're. going to just end my life right now. you're just going to ruin me yeah so. that right there I'm not really happy. about you are the ultimate typical. American yeah I don't want to be the. typical American no I don't want you. either cuz the typical American is broke. but you just did it what is this a truck. is a Volkswagen jeda okay.

2015 how much is that worth you know. right now I can't believe they gave me. 19 for out like 2,000 no it's not worth. 2,000 well it got over 200,000 miles on. it oh death I tried to sell it to I try. to get a quote like like just want to. need just want to see how much that car. is worth through through uh carvana yeah. D want to give me a thousand for it when. uh a year and a half ago. uh interesting we'll check the value of.

that. but um Kelly Kelly Brooke books that. Kelly blook says uh 36 and some change. no 36 thou 3600 oh Bo if you don't want. a death 29% interest rate I mean I can't. really help you too much but you could. hit that subscribe button and it might. be a good luck charm to never get you. into that insane kind of interest rate. and we're trying to get to 750,000. subscribers thank you to everyone who. has subscribed so far you're one of them. no problem thank you but no offense to.

you don't be like him and watch the. videos and not make any changes or else. I'll have to table Slam at you. yeah okay all right well let's get back. into it okay okay that's insane $515 a. month what's the term probably like 72. five. years yeah I want to I want to try to. get that uh paid off way before then and. then the fun one. Mr.

IRS oh okay we owe $1. 19,43 the minimum ofy payment. $254 because you decided a lie about. your. situation and then and then even still. body me in the right. now so what's interesting is it's like. okay tax year 2018 19 2020 21 uh the.

amount 2018 is paid off I just paid that. off a couple of days ago no oh I see. what you oh I read this wrong uh when I. looked at it just now okay so you owe. back taxes for four years yes you've. paid off one of them yes go the interest. rates on these are not great no they. charge interest and penalty every uh. every quarter.

well that's what the agent told me no I. mean I believe it I'm just I'm just like. right now man I'm just. like it's this is this just such a I'm. just blown away by the situation we we. can get out of it and we're going to get. out of it and luckily you have a strong. income to get you out of it it's going. to require a sacrifice but this. situation just blows me away CU I've. never seen anything like it it's. quite special yeah I'm really. disappointed myself I put myself in that. situation we're not doing it again are.

we no no h no we're not no are we not. all right so that's all your debt right. are there more. debts. um yeah there is more debts what so the. other debts do you want me to read this. to you you want to look at oh my. goodness there's multiple yeah go ahead. what's number one two Bank of America. credit cards now these are my. girlfriends uh oh the these are all your. girlfriends or yours these are my. girlfriends okay well but I'm paying on.

them it pretty much is mine well okay. well okay one second let me make this. just another Deads on M too I'm not. going to blame everything on her well. but are they in her name or your name. there are in her name she put me as a. secondary uh user you're on it oh a. secondary a second a secondary user so. she's the primary to use it I'm the. secondary just to help build my credit. up so every time when she uses it okay. give me those first okay Bank of America.

okay uh. 8707 $. 8,777 yes and that's a 24.5 interest. rate gosh another Bank of America card. uh 3780 well sorry one second one second. what's the minimum payment of the Bank. of America that one's a that one is a. $120 minimum payment what's the next one. another Bank of America card. 3780 oh my gosh. that's about 30 bucks a month minimum.

payment absolutely addicted to debt a. discovery card well what's the interest. rate on that one that one is. 23.5 oh. okay okay Discovery. 8770 no way yeah oh my goodness this. Situation's gotten so much worse than I. could have possibly imagined buddy and. uh what's the minim monthly payment that. one it's 200. kill me interest rate uh believe is 29.

25 a one card credit uh Care Credit it's. a you're on that as well to be clear no. this one do car does Care Credit I'm not. on the three that you said before though. you are on yes okay so okay this is. strictly girlfriend well I'll just make. it for the note and we'll talk about. that but okay go ahead uh Car Credit. $450 minimum monthly that one's 30. interest.

23.6 these companies are making money. off you oh so there was only one that's. only in her name yes yes absolutely all. right pull up that Bank of America 1 let. me see what like the activity is on this. I thought we were heading that one I. can't pull up the Bank of America cuz. she's the primary and I can't pull up. the statements are you guys spending on. I bet you're of course you're spending. on it okay can I see the Discover. Card primary she's the primary I'm the. secondary I canot you have access. I don't know I need her uh her password.

you guys are spending money on it. probably in the past we did I mean. you're still spending money on those. other cards though me no no no no so. these cars right here these are old old. spendings that we did okay um every. everything we spending now is the. paycheck that I get. weekly so what I want to do I want to. try to pay we had a. conversation that we wna pay all these. credit cards off by the end of the.

year I don't know if that's possible or. not I think it is but it's like I got to. eat Bal baloney sandwiches and peanut. butter and jelly yes for the next 6. months or a year does she work no no no. well she got she used to work before the. baby she's uh she got a Bachelor's. degree in Health and Science and um that. was my decision I want her to be a. stayhome mom does she want to be a stay. home mom she likes it I guess so yeah. I would I would think that's more her.

choice but but she's going back to. school to get her Masters she wants to. be a PE p uh PA physical assistant oh. that's what she want to go to school for. okay for her career taking out debt for. that no no no I'mma pay for that are you. paying for it now or like when is this. starting okay well so many things to. talk about I'm not taking no no debt. off for you I'mma pay that off you're. done with debt 2,145 in checking account. started with 551 cuz a lot of money. comes in but but a lot of money goes out. yes doing some Amazon spending getting.

some Taquito getting some Taquito. zelling out $150 coinbase okay coinbase. pops up every like second of your life. what are you doing in coinbase okay so I. take my pm and I separated it from my uh. actually hourly wage so I transfer to. coinbase and I used the coinbase card. just to go coin pay debit card yeah oh. interesting I didn't know that was a. thing so all the money in coinbase is a. credit card you're not buying crypto in.

no I'm not buying crypto now okay Bing. out money now I'm not using coinbase cuz. I got hacked what happens if you do. you're PDM are you not able to use it. towards other things like do you have to. say show like hey this is what it's no. no no no I could use it any any while. going out to eat or you could just keep. it though I could keep it yeah. absolutely yeah then we're not spending. it on food anymore Culver's Apple bills. coinbase Roku coinbase zelen out money. coinbase cash Cas Shing out $100. Starbucks Taco Bell Apple subscription.

Apple subscription of which you have a. lot or these are just payments are you. doing like mobile. gambling yes oh okay then so much to. talk about so much to talk about Apple. so the cash app that you see 150 bucks. $200 um that's a a gambling no yeah how. what what does that mean where's that. going well I got a buddy of mine he uh. he runs uh a. poker.

site and um I cash app him the money and. then he put the chips in my in my. account and I use that to play. with okay zel coinbase apple apple well. gambling gambling gambling gambling. gambling gambling. gambling eating out eating out gambling. G uh eating out eating out ubering. gambling.

Gambling. Man okay I'm not angry at you I'm just. the the situation just stresses me out. no I'm I'm angry at. myself $ 4,541 in retirement in. retirement yes at 40 at 41 here next. month that scares me that scares me more. than anything well actually I lied the. death not having an interest rate below. I got I got a lot of work to do yes oh.

that's an understatement so our buddy of. mine put me on Rocket money so I budget. off rocket money okay and um I got a. little savings and Rocket money they. take out 500 bucks a week so I got some. money I got how much I got $6,000 in. rocket money right now saved that I. haven't touched $6,000 okay your. housing's covered in the job excuse me. uh in the job area your housing yes. housing and and uh transportation is. covered very good. I can't believe your car is worth $3,000.

you're beyond underwater Beyond. underwater yeah we're getting water. boarded by your car the gambling thing. my. dude it needs to stop but I am not a. mental health expert I am not an. addiction expert and needs to stop this. might be a conversation that we start. having with I know you say don't have a. problem the person closest to you says. you do this might be we take advantage. of your Healthcare see a therapist this. might be we go to like Gamble Anonymous. type situation what Define gambling.

what's the definition of a gambler well. then as you say you're playing poker all. the time and you're cash apping into it. that's gambling yes okay but I I see it. differently um oh no I'm not gambling my. my rent money but you're gambling your. future because you have nothing in. retirement and you have 20% interest or. more on like a trillion dollars of debt. right right you're if you could look at. it like that yeah how else is there to. look at it yeah yeah you're right you're. right absolutely right okay so you're. gambling yeah I am gambling yes okay but.

I don't have a gambling problem so you. can stop immediately I can stop. immediately okay then stop immediately. stop immediately it's not a question. then if that's the case you're stopping. immediately now in the hypothetical. world if you find that you cannot for. whatever reason and that you have the. itch to go back look at some therapy. options look at some gambling anonymous. sometime I do have itches when I stop. gambling for like a month or two three. sometimes I just want to I got the age.

to go play some cards and you know what. that I without cuz I I can't diagnos. like I don't know swimming I like to. swim okay if I don't swim for a while I. have the itch to go swimming that. doesn't mean I'm addicted to swimming. maybe it's something fun that you like. you haven't done it for a while so you. want to do it I can't say so you you see. where I'm coming from potentially. potentially I'm opening up that door as. a possibility I'm saying if you have. find any issues where okay you have that. itch and you cannot stop yourself then.

we need to start looking at some help I. am not even close I'm just I'm not even. close to being qualified to talk about. that I'm just opening some doors of. possibilities of how you can look at it. going forward what I need you to do. today if what you said is correct is. we're stopping we're stopping we're. stopping and guess what we're also. stopping because you it's terrible for. your money exactly so no more gambling. that's not a thing if have a mortgage. this home back in Florida uh yeah so.

back in 2021 my girlfriend and I we. bought a home it's not under my name. it's under her name but you pay for it. but I PID for it well we bought a four. bedroom two bathro the master bedroom I. turned that into an efficiency and what. and like a studio an efficiency uh. Airbnb. oh okay airbnb's kind of crashed lately. how how's it doing it's pretty pretty. good okay cuz I live by the college you. want random people in your house even.

though you have a kid well I got to. separated it okay so what I did there. when I bought the house that's the first. thing I Got U I put some drywall so it's. separated from my house so it doesn't. have nothing to do with the house they. got their own door their own patio their. own bathroom so it's not like I see them. all the time it's totally separate from. the house that's pretty cool so that. right there helps out with the mortgage. sure what is your mortgage 1950 and it. went up because in Florida the the. insurance is are going up like.

crazy yeah 150 though certainly not bad. for your income uh especially when it's. a dual household income at some point. again cool now what is the Airbnb. bringing in on average on a monthly. basis after your all expenses 1,500 a. month on average on average okay. sometimes even more but average 1500 a. month that's too. average and my wife um she works in a. BNB she cleans it she maintains it yeah.

um if they messeng her she she that's. her job is the Aon BNB and that's that's. what she's doing now if you want you. called her your wife oh my girlfriend. exactly so I feel like I feel like I. feel like I've been with her so long. exactly that's why I'm just like like. I'm this she's my wife uh that's why I'm. like okay but not on paper well let's. plan something plan your little proposal. thing don't let her see this video and I. think she is going to see this video oh. can we see this video together. okay oh maybe propos to around the spot.

I don't care or come up with a plan. either way just go down to the. courthouse get married because let's. just get some legal agreements good cuz. if we can just wrap this up I mean you. guys are practically married let's. actually make it legally so and then we. can have. more a lot of this will just make more. sense but we're having a household. budget now so but before we talk about. that okay so your Deb let me add up. these minimum death monthly payments. what was the Platinum U minimum monthly. pay payment on the Platinum do you. remember if you could if you could look.

that up real on the. Platinum Capital One yeah let me look it. up right. now uh $25 a. month all right debt on a minimum. monthly basis. $133 not including your. mortgage it's crazy that's just monthly. payments just minimum wow minimum yeah. that's insane since saying again luckily. you have a powerful income you were card.

for it luckily you have a powerful. income okay car insurance. 250 it was two pay for hers both of us. yes for that old beater Jetta that's. just sitting there for a year I pay. insurance on that one and I have to have. full coverage CU one. main telling me that I have if you pay. for okay what are all the car insurances. combined that you pay for uh two. vehicles 250 bucks a month. okay and uh she got a Volkswagen.

Volkswagen SUV she have that on it it's. a lease and I'm paying 485 a month on it. dude. stop is there any more hidden. payments I'm I'm giving you the hidden. payments yeah you are I'm telling you. everything that should be it I a. headache gave me a headache trust me oh. okay congratulations food including what.

you shop for yourself what she stops for. and for the kid is $650 a month not a. single penny more it's not an option you. are eating ham and cheese it is not an. option anymore you are ham and cheese. ham and cheese ham and cheese or just. cooking some chicken she's doing. whatever shopping for the kid as well. that baby eats a lot yeah and it's about. to eat. $650 so total paper spending including. diapers and all that gets more. expensive and you got to cover yourself. here as well I'm going to give you more.

than usual. $300 if you can keep out of that that's. great transferred to the food budget. okay whatever fine utilities on average. all utilities including internet what. would you say that is 300 bucks a month. okay that's not. crazy I'll say that's including a water. bill in a trash yeah all all her phone. bill your phone. bill. 260 this this is my phone bill this is. my phone bill her phone bill and my.

oldest daughter phone bill um oh yes. that's right how much you have to pay on. a monthly basis for child. support well 150 bucks a. week keep 150 * 52 divide that by 12. average of 650 a. month again lucky you have a powerful. income. any other minimum monthly payments in. your life that you can think.

of no no you guys just need to get. married oh yeah I forgot one more thing. I also pay life. insurance how much. 298 what kind of life insurance it's a. $2 million policy as a whole life. insurance. okay 298 excuse me 298 yes and who the. told you on. that uh a buddy of M your life insurance.

is good because you have people that. depend on you right and that is. something that I want them to be in a. position where they don't have to worry. about everything right if you pass. away I don't want to use a vehicle. that does not have the. best investment that is not a part of a. very good investment strategy for the. average person right so either.

way I'm actually taking that out of your. budget because you're going to cash out. of that and cancel it. immediately life insurance in your. situations good in fact I'm surprised. there's not something offered through. your. work oh there is I'd look into that as. well yeah there is yeah take advantage. of some. benefits since you're getting out of. that your minimum both monthly budget in. order to survive $. 6,13 which is an insane amount of money.

for most people luckily on a monthly. basis post. taxes. 15699 plus the average of, 1500 from the. Airbnb brings you to. 17,1 uh $200 people always ask me what. high yield savings account do I use for. my own money some of you know by now. it's Sofi I love it's great for my. checking account needs it's great for my. high yield savings account needs and.

right now I'm getting 4.5% interest on. my Mone I love that rate on my Mone so. if you want to get a great rate like. that on your monies just check out the. link in the description below I have a. paid affiliate link there you can get. bonuses all the way up to $250 and I. took advantage of that and you should. too round it up by a couple pennies. which is. incredible and it's the only reason why. your needs category you think I should. get like a second job or something your.

income's powerful man your needs. category right now is 36% of your income. you're well within that limit of 50%. being the max you put on right so. $17,200 minus that by. $6,100 uh $13 you have an extra if you. budget this you don't gamble everything. away you budget it and strictly follow. that and don't around anymore. $1,887 left on a monthly.

basis do you know how incredible that is. that's insane that's money that people. dream over salivate over wish that. that's something that they could happen. and the average person won't even come. close to that you're in an incredible. position you work your for it but you're. an incredible position so first oh you. already have $6,000 saved up oh good you. have a one-month emergency fund saved up. perfect don't add any more to it cancel. that automatic thing the rocket money.

yeah cancel the automatic turnover it. was good and it got you to 6,000 that's. what you need to survive okay for a. month so perfect keep it there first. month what do you. do Platinum Card $49 it's paid off paid. off copy that let's let's make sure. we're getting into math. 11,887 boom we pay off 49 and then we. also pay pay off 3,000 from the. Quicksilver card you still have.

$767 left on the first month there is no. reason these debts should even come. close to existing and then we're paying. off the Second Bank of America card and. this is still only in the first month in. the first month man because you're. actually budgeting for the first time in. your whole life Bank of America 2 is. paid off Platinum C is paid off Quicks. is paid off we still have. $3,896 left and we are putting that. towards the First Bank of America.

card of which the First Bank of America. card will now be worth. $4,899 beautiful and that's the end of. month number one so we are back to. $1,087 left and it's actually a little. more than that because your monthly. payments right are gone so we get to add. $29 to it we get to add add $25 to it we. get to add $30 of it to it of which were.

minimum monthly payments that you had to. owe previously and you no longer do. we're immediately paying off the. remaining. remaining. $4,899 of the First Bank of America card. boom now that card is paid off lovely. fantastic the remaining. $636 you have left in month number two. goes to paying towards the. $877 owed on the Discover Card bringing.

that to a new balance of. $248 so we are now in month number three. again. $1,087 but now we no longer have the $30. minimum monthly payment we no longer. have the $120 minimum monthly payment we. no longer have the $25 minimum monthly. payment we no longer have the $29. minimum monthly payment giving us $1,291. we immediately pay off the remaining.

$2,400 8 of the Discover card giving us. $88,000 left only in month number three. again we haven't even finished a full. quarter yet now we're putting this. towards one main cuz we just have to pay. off this loan you can't sell it there's. I mean there's nothing we can even do. here it's just a stupid thing yeah I'm. stuck I'm stuck with that car you're. stuck with it until I get the title for. it but I have to pay that off first they. won't release the title so you're. putting that 8,000. $883 towards the.

$1,837 which is what the balance is. right now will be slightly lower but not. much at that point bringing that at the. end of month three beginning of month. four new bounce. 7,954 but we've made progress on our. minimum monthly payments. again so now adding those which is at. 200 from the Discover is a big pull yes. it is we now have. 11,49 $91 left over on a monthly basis. that's incredible we immediately pay off.

the remaining $. 7,954 of the car cars paid off in month. number four and you still have. $3,537 left of which we put towards the. IRS okay the the new IRS balance is. $15,900 start of month number. five we now have thanks to the car.

minimum monthly payment of. $515 right. $12,600 you're not covering anything. other people can cover it family friends. whatever I don't care you're following. the budget you don't spend a single. scent out of it because your future. matters and your kids are not going to. be taking care of you when you are. retiring which means we need to get out. of this so we can start doing retirement.

immediately because you're falling. behind and it's terrifying 12,000. $6 and we have remaining from the IRS. this has gotten messy where did I put. that. $15,900. so. $91 we have. $3,895 left after that payment then of. course we have. of the.

$2,066 minus the. $3,895 IRS is paid off in month number. six and you still have. $8,100 left over that's crazy isn't it. it is crazy which it's it's like okay. you started watching this for three. months you could be halfway through this. already yeah which you chose not to you. chose Bullit over. it so. $8,100 is what's left over we have. $6,000 saved up in an emergency fund but.

what you need you need. $6,100 on a monthly basis to survive. times that by six okay so your emergency. fund is $3. 36,6 so you're. immediately you already have $6,000 put. towards it and you're putting that extra. 8. ,11 you had in month number six towards. it right so now you only need to save up.

$. 22,527 and you had $126 left on a. monthly basis but your IRS debt is now. gone leaving you with an additional $254. on a monthly basis giving you. $2,260 on a monthly. basis this page on this sheet is getting. so. absolutely scratched up with. numbers but that is a good.

thing 12,000 this is month month number. six well now we're in month number seven. starting now cuz you still need to do. $225 67 and you have an extra. $2,260 on a minimum monthly basis. because you're following my budget to a. T and you're not up or around. 22567 divide that by. 12,060 so another two months rounded up. so that was the start of month number uh.

s so eight so after 8 months after a. total of eight months from now if you. follow my budget and follow this exactly. in the payment plan after8 months all of. your death insane debts that you have. refused to pay off are gone and you have. a fully funded emergency fund probably. for the first time in your entire life. right which is safety for your children. it is safety for you and it is safety. for your future and who at that point. hopefully might be wife 8 months eight.

months eight months it's nothing it's. nothing in the grand scheme your life. yeah eight months go really quick it's. nothing now here's what I eventually. need you to do and I'm only going to do. you let's just assume your wife never. works again which is not not going to be. the case well okay so in eight months. you can start looking to cash flow. school and you can put that in your. needs category because again you're. paying $133 on a minimum monthly basis. in your budget right your need to. survive. budget um towards minimum monthly.

payments and debts you can start putting. that towards schooling a little more you. can put that in your needs category 50%. because even with that your needs. category was what 35% so you can still. you still have an extra 15% you can put. towards paying for cash in school so. that's incredible we don't even have to. calculate that into things so you're. doing that but this is what I'm going to. have you do of the money that is coming. in just from from your income. 100 not even considering the Airbnb.

divide that by 12 so. 15,69 net or. $15,700 what you have saved up for. retirement is like $5,000 uh six okay so. start with. $6,000 you'll be having 20% of your. income on a monthly basis will be going. towards retirement. 20% oh it's the minimum you should be. putting towards it it's pretty good so. that is. $3,140 is going to be going towards.

retirement let's just assume. 8% that gets you. to a market portfolio value of. $2,761 did I say that correctly I don't. even remember what I just said I've been. talking so much. 2,761 wa that math is wrong is 2 million. yeah yeah. 2,671 th000 now after average inflation. this and this by the age of what 65 65. yeah and in today's money that's like.

the value of today's money so feel it. probably about $1.7 million I gotta yeah. so I mean you can work till 70 we can. work till 70 and have that. be$. 4345 million4 million 345,000 if it. follows the general trend of the stock. market and average right or after. inflation in today's money. $2,474.

th000 which is great you and your wife. can live off of that you can determine. how much you withdraw based on how much. you want to pass on versus are we just. using this money until you know the end. of our lives or do we want to pass on a. chunk it's up to you in terms of the. lifestyle you can that point but this. gives you a road map instead of your. kids having to take care of you forever. right and that's the position you're in. to be very clear okay I gave you the. path of how to get out of debt in 8. months and how to retire uh. millionaire multi-millionaire.

multimillionaire but follow the plan. that you've been following since. watching the show follow the plan of. what you've been doing the last 41 years. your children are taking care of you. you're paying off this debt until you. die you never have retirement it's not. even close you're dying on the Walmart. floor it's not an option because you're. just trying to you're just trying to. survive and paying minimum monthly. payments on debts scaring the hell out. of me yes but that's sadly what the. future is for so many Americans. so many Americans and that's the. importance of the show it's the. importance of you being on here and. setting an example for people you have.

the ability to turn around you have an. income that is amazing that people just. just just a dream for so many people use. that to your advantage set yourself up. for success and don't go for your. children in the future no I don't want. to do that don't do it then cons. consider the next 8 months a temporary. sacrifice cuz even after just the next 8. months 30% of your income can go towards. fun 30%. that's so much money for you yeah and I. do like fun yeah and 30% that's.

that the gambling thing that needs to be. something that you really consider I. can't I'm I'm going stop that I'm okay. and then whatever happens with your. mental health around then potentially. consider therapy potentially consider. group sessions whatever is best for you. we don't know and I am not going to be. someone who diagnoses that would be. irresponsible of me on here but when it. comes to the money that's the plan bunch. of scribble on a piece of paper but it's. pretty simple don't over your future.

your children's future you have the. choice to do it now have the fire lit. under and sustain it for minimum eight. months exactly you have any questions do. you have any final thoughts no I think. uh you put everything on paper lot of. numbers but I'm uh about eight months I. say I told myself about a year a year to. get out of de do a year eight months. eight months all right all right eight. months it is and prove it I prove it yes. all right deal we'll make another.

appointment and I'm sit here I'm debt. free for Gino it's the income that's. saving him I really hope he doesn't lose. it knock on all the wood possible but. it's the income that's going to save him. for his hammer Financial score right now. when it comes to his spending in a. budget that's a disaster 0 out of 10. debt disaster owing the IRS con 0 out of. 10 mer fun I'm happy with the money he. saved up for his needs it's still quite. low though so 3 out of 10 retirement.

just started 1 out of 10 real estate. does own his home is good we eventually. want to pay it off and being able to. diversify a little bit would be even. better but five out of 10 for now solid. average for his real estate score so his. hammer Financial score right now is 2. out of 10 make sure to check out all the. resources Linked In the description. below I have resources there that I. either use or would use in specific. situations there's some paid affiliate. links as well essentially the high Yi. savings account I use different. investing platforms that I use and also. educational resources that I would use. as well don't forget to follow my. Instagram and Twitter if you want to be.

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