Stupidest Guy I've Ever Met | Financial Audit
Yeah, but I don't give a about. training. It's not providing you. anything. Physical fitness, yes, but. longevity financially, no. Yeah. Like you're going to die under a. bridge broke, but you'll be fit. Yeah. Are you going to man up? If it means more working more than 15. hours a night. Hey, this is Miles. I'm. 23, based out of Austin, and this is. financial audit. 23? Okay. You're younger than I thought you were. So, what do you do for a living? I do field auditing. So, I work with. banks of different sorts, and I go out.
to wherever they have their finances or. wherever they're loaning money to, making sure that the places that they're. loaning money to still keeps that money. where they say they are. How much do you make? Um probably about 3 to 4,000 a month. Well, is it 3 or 4,000 dollars a month? it varies depending on the month. It's a big gap. So, you're hourly? Uh it's piece rate, so I get a base. rate, so it's 25 dollars base rate. Sure. And then I get per unit, and then I can. bid on top of that for mileage or. additional time. Is that what hits your account, or is.
that before taxes? Uh before taxes. So, what hits your account on average on. a monthly basis? Uh it's 1099, so that amount. What? 1099. Oh, bi-weekly? It's 1099, so I. No, but how Oh, oh, yes, yes, yes, yes. Oh my gosh. Subcontractor. Woo! Yeah, no, I got you. I don't know, I. think I'm tired. I'm sorry. Uh okay, are you setting 30% aside for. taxes? Uh yeah. Kind of. Yeah, the kind of is pulling some heavy.
weight, cuz I don't see it anywhere. Yeah, uh I try to. Um. I I usually use. to? Do you do it, or do you not? a 1099 for 4 years. Um I usually use my. income from January to March to save up. enough to get to. my. Why, that's so. 4,000 dollars. 4,000 is what you've owed these last. couple years? Yeah, just about. After a lot of. write-offs. Why do you do it that way versus setting. it aside on a monthly basis just make. sure you're secure. What if you lose. your job? Yeah. Uh.
that's a great question. hours, but you have to pay for all the. taxes that came before. What are you. going to do? Yeah. I've I've always done it that way, so I never really knew another way to do. it. March, right? Yeah. Okay. Where is that money now? Uh. currently being built up. From like zero. Yeah. Yeah, basically. We're halfway through that January to. March. Yeah. So. That's something That's certainly. something to laugh at. I mean, I would. be freaking out. Yeah. Taxes are due. Yeah, due in. IRS likes their money. month and a half or so.
Okay. So, you, sir, are an interesting creature. You. We had phone calls with you. I didn't, but my casting people did. And they were. a little confused because Love the. little conversations. I'm getting my. life together. Things are going well. I'm budgeting. Things are getting better. And I'm working hard. Then we have your. documents. Your documents got sent. Your. documents are right here in front of me. I know your percentages. that are being spent.
By the way, 9% went to debt payments, but going out to eat was 16%. Yeah. So. Well, why is Why'd you tell us that you. were doing well when everything in front. of Unless do you not know what doing. well means? Do you not know what. budgeting means? Do you not accurately. budget? I don't know. I don't think I accurately budget cuz I. I do it all mentally. So, I I. Okay. Well, obviously that doesn't work. Yeah. Yeah, and it's not been working. I've always been wanting to put towards. credit cards, and then I get towards my. time to pay them, and there's like.
nothing left to. So, mental budgeting doesn't work, right? No. What do we do when something doesn't. work? Uh. stop doing it. And probably figure out something. better? How long have you been mentally. budgeting? Oh, the the four years I've been doing. 1099. Okay. Why not in those four years have you. evolved beyond the thing you know. doesn't work and do something that. works? Uh I was making a lot of money before I. moved to Austin, so I always had a lot. of huge cushion to where it never really. impacted my funding or my finances.
whatsoever. the future income that came from the job. or you talking about a safety net and. savings that you had on the side? had about 30,000 saved up for a long. time. Like I I did the 6-month pillow. that people always told me about. And. once I had that, I never really worried. about finances. I was always like, "Well, if everything goes to. I'm good.". Where did that go? Uh so. You have 2,300 in savings, including. your investment portfolio, which is. nothing. Nothing, yeah. So I was making like 10 to 12,000 a.
month in Pennsylvania. Wow. Um which was great money. I was every. weekend I was traveling to a different. city and just partying. I was spending. probably like. like eight or nine thousand a month on. just partying cuz I had the money. How are you? Okay. Um and then everything else after the. end of the month cuz. especially my living expenses in. Pennsylvania were less than a thousand. dollars. to that job? Why are you down here? Uh so. when I moved here, the job was promised.
to me. The job was like, "Oh, we already. have it everything lined up. We're ready. to go.". The same job, but down here? yep. So I I moved down here with that. kind of. promise. I got here. Couple weeks went by, nothing really. happened with that, and then a couple. more weeks by, nothing happened, and. then. it just kind of devolved into spending. that that safety pillow. No. Cuz every every couple weeks he'd be. like, "Oh, dude, we signed these new. contracts. We're doing all this. We're. doing all that." So I kind of and I was.
with that company for two and a half. three years, so I had a lot of faith in. them. Um and then it just never came to. anything. So about January. I my safety pillow was. zero. I went from 30,000 from in August. to. zero in like early January. Why were you Okay, that's that's a long. time. Why didn't you try to go get any. other job that wasn't this job that was. promised you? Cuz I think after a month. of being promised a job and I haven't. started the job, I'm probably starting.
to look for another job in preparation. for them to discontinue being a. Yeah, I I kind of just was like it was a. it was a friend as well. So, I kind of. just kept holding holding out hope that. it would come through and it. Why didn't you go back? To Pennsylvania? Uh so, it was in. housing markets. I was doing house. inspections. Um after the housing market. kind of crashed, he lost a job as well, kind of. So, he he started having to cut. people out of the job completely and he. started taking over territories that. were other people's territories, so he.
could kind of cut funds. uh in the business. And you would have been cut? I might have been cut. I'm not I'm not. 100% sure. Um. but I knew he was struggling. He just. never told me that until literally like. a month ago that like the business is. almost completely gone. When did you get the job you have now? Uh I got this job in March. March of. last year. So, this $2,000 in savings, you need to double it to pay your to. pay your taxes, hopefully the amount.
that you actually need. But then what. happens to your savings? You have. nothing. What happens if you lose this. job? Yeah, I don't have a plan for that right. now. at all. I've always believed that access to. high-quality data and analytics. shouldn't have to break the bank. That's. why I'm excited to share that today's. sponsor, Moomoo, has an extraordinary. offer for traders. Moomoo has recently. launched an exceptional trade offer that. is hard to pass up. They're offering a. 3% APY coupon, and here's the kicker, it's valid for an entire 3 months. This. is in addition to the already high 5.1%.
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Discover Moomoo in the description box. below. Uh then, I mean, I'll just ask. why the spending almost 20% of your. income going out to eat then? Yeah. Um. You do not have enough to survive if. something were to happen. Yeah, I. I have a big friend group, and uh we. always go out to eat. It's always kind. of like. almost an assumption at this point that. we're just going out to eat. It's just. where we're going out to eat. Sure. And I get a little bit of like FOMO of. like, oh, I'm going to miss a great.
conversation. I'm going to miss a great. meal or. You know what you can do though, right? Hm. Just shove some sandwiches in your mouth. and go. And then go to the. Drink some water. I know. Honestly, so I have a large friend. group, too, and we we definitely like to. go out to eat. Yeah. This thing's crazy. It beeped like five. times, and then. That's not my car, I promise. Is that your plate? White van? No. Go get him. Go get him, Noah. Right at the peak, too. You have to pee? No, right at the peak.
Oh. Like really getting it. Yeah, we're getting some heavy beeping. You can leave this in, Brandon. This is. interesting. Either way, uh. I just I don't Yeah, okay. So, I. we go out to eat a lot, but every once. in a while, you know, if something. financially is happening in someone's. life, they're like, "Oh, I can't go. out.". And that's fine. Welcome to life. Welcome to adulthood. Yeah. I think your future matters more than a. simple. conversation you might miss. Yeah. In In my opinion.
Yeah, yeah. No, I I completely agree. I. Good, because you'd be a child if you. didn't. Yeah, I I've been stuck in this loop of. like, "Oh, I'm going to I'm going to. save up and I'm going to start eating at. home." and then I buy groceries for home. and then. training comes around and then we go we. go right after. It's not even like a I. don't even think about it at the moment. Uh training, like I I do jiu-jitsu. full-time. W- Why have so many people come on the. show who do j- jiu-jitsu like full-time? a really popular thing in Austin. It's. probably like the Mecca of jiu-jitsu in.
the moment. Yeah. Okay, you do that full-time? Yeah, so I train I train twice a day, 3. hours per session, so like 6 hours. B- Do. But you pay for that? No. Uh so, I. I teach classes in compensation for uh. my membership. So, it's about 325 a. month. that I get. You work 3 hours a day? No, no, I don't work that I don't work. that 3 hours. I only do one class a. week. It's about an hour a week. Oh, okay. And then 52 hours a year.
It's a lot of Okay, that's a lot of. time. I mean, I'm not necessarily. opposed to it, but that is a lot of. time. Especially when we sit here and we. have a $5,200. $5,245 balance on a card. Yeah. Like. I would jiu-jitsu, sure. Maybe an hour a. day, then go work and pay off this card. Especially when all the money we have. saved up is immediately going to taxes. Yeah. So, um. I. think I should probably cut back a. little bit on jiu-jitsu. It's just. it's kind of a almost like an addiction. at this point of.
I'm all about it, man. I I want you to. be able to do it, like truly. Uh I'm. just trying to think about your time. right now. Yeah. Cuz I mean. You made a minimum monthly payment. towards it, sure. Or you made a little. more than that, but then you immediately. went and spent it back on this. Now, this isn't an interest-free period, it. looks like, until when? Uh till next month. You. Really? Why have you tried to do. anything then? Your balance went up $45. If it's due next month, what kind of. behavior is this? Yeah, I I shouldn't be spending on that.
card. Well, no sh- Why are you? I I still see zero I still see the zero. APR, so I see it as like free money. Wait, no offense, but you're not stupid. You just told me it's next month. Yeah. I'm sure you could see that, too, because you told me. Yeah. So, why the you not done anything? I think I'm just kind of. playing dumb on this part of just. letting it ride until. What? I start getting APR. Okay. Now, I don't know, some cards do it,
some cards don't. Sometimes there's back. charges and interest. if you don't pay it off. Oh, you had a. late fee. You had a late fee, but then. you got it reversed. Yeah. Why? Why'd you almost Why were you late? Uh so, that one I I I've only had that. happen one time on this card. I have it. auto withdraw. uh. to the card, but it auto withdraws the. day it's due, and I guess it didn't auto. withdraw in time, so. it never went through in time. I'm not.
too sure why. And then why are you going to the Soup. Peddler and just getting things on. Amazon, all this. Yeah. card that you can't pay off, that's. going to start accruing interest next. month at 30%? 30%? Yeah. It's It's. 30 death stupid percent. And again, you. you rose the balance. You put a payment. towards it. $290, that's not an. insignificant payment towards this. That. starts making progress. Then you spent. $295.
Then there's the fee, but it ends up. being reversed. Yeah. At least I didn't have to pay the fee. twice. Buddy, it's going to be like $130 a. month in interest. $130 a month. So now, whatever payment you just made towards. it, you essentially, in order to make. that same amount of progress, you got to. put an extra $130 towards it on a. monthly basis. And then not spend anything. Which I. don't know if that's possible with you. Yeah. I'm not sure if it is, either. Oh, come on.
What? Do you not give a Do you not. give a about your future? I do. I That's why I'm starting to put. money towards index funds and stuff. So. I think it's important for the long. term. Like what index fund? I I'm I just started it like literally. this last month. fund? Uh M1 S&P 500. Okay. Tell me, the S&P 500 on average, what does it bring back on average? 8%. Okay. That's all the overall general market. S&P 500 goes for about 10. Hm. Tell me, what's bigger, 30 or 10?
30. Yeah, so we probably put the money. towards the 30% debt. Hm. Okay. Yeah. I mean, it's it's 20 more. Yeah. So I It just It doesn't make any. mathematical sense. to be throwing everything into the. market like that. Yeah, so I I want to pay off this credit. card completely this year. I I I don't. have a unreasonable goal of paying it. off next month. I don't think that's. even physically possible. What? Oh, to pay it off next month?
Yeah, yeah. I don't I don't think that's. possible. I want to pay it off within. the year. Um so that's kind of. my. New Year's resolution. you getting there, though? I mean, you. already Again, knew this was coming. You. talked to my producers and you're like, "Yeah, I'm budgeting. I'm starting to do. better in all this stuff." Again, the. balance went up. Interest starts to. accrue next month. Yeah. Now you're telling me I want to pay it. off by the end of the year. Correlating. that to what you said before versus. what's in front of us, what is your. plan? What in your mind would have this. paid off by the end of the year? Because.
there are no actions in front of us. surrounding that. No actions behind you. surrounding that that make that an. actual reality. Yeah, so I want to get that you said 16%. eating out. I want to get that down to. almost zero, if not completely zero. But that's not the only thing, man. And. then you have just stopping and grabbing. and taquitos and extra just crap that. doesn't matter. It's an additional 15%. Yeah. Additional 15%! Your transportation's a crazy 15% as. well.
Groceries was only 3%. Unknown shopping, that's Walmart, Amazon, Target, you know, you can get. anything so we don't know what it is. without seeing the actual receipt. It's. almost 4%. Subscriptions is 1%, it's not. crazy. But again, that would have taken your. debt payment from like 9.7% to 10.7%. Mhm. Then your other large purchases are 5%. So food and. out money and uh something happened to. Honda. Uh the Honda was just uh oil change and.
alignment. Okay. Yeah, for the car. Which that's fair. I mean, that fits in. That fits in. Zelling out, we don't know. what that was for, but. Okay. So food out totals almost 30% of my. monthly. In terms of that you absolutely do not. need most likely is. between 30, 35%. That's crazy. I didn't know that. I. thought it was a lot less. Yep. Yeah, I thought that was like maybe 10%. or something. What's your rent? Uh I split it equally.
What's your rent? Six uh my rent's eight 840. Truest. Uh the balance, even though you put $168. towards it, balance only went down. oh, $12. Yeah. $12. Why? Because. $67. of purchases. Not a crazy amount of. money, but you're making no progress on. this. But you're paying for this. Probably also paying this off by the end. of the year. How are you going to do. that with these actions? So, that one was inactive. And the only.
thing That was a accidental purchase on. that card through Amazon. I. I I thought I clicked my debit card, but. it it was my credit card that I. clicked on that one. So. $4,286. Uh $89.96. The minimum monthly payment of $132. It's chunky. Uh and then yeah, there was the I guess. accidental purchase with whatever you. got from Amazon. What did you even get? Uh spats for jiu-jitsu.
And then yeah, a death $90 of interest. was charged. Crazy. 25% interest rate. It's ridiculous. Okay, members one. This is your car. What's your car? What is your car? Uh it's a 2018 Honda Accord Sport 2.0T. Car names are so. stupid. The way Tesla names them just. makes sense. It's this model and it's. long range or short range. Yeah. Do you want a piece of or an.
actual car? Well, probably something that'll go. 300,000 mi and not 150. Mhm. That's true. So, Honda. $15,000. $738. and 43 cents. Interest 3.4%. Pretty good. That is pretty good. I had a friend. Go on. Like what Like what the what Does. that even possibly mean? my my friend worked at the Honda. Um and. he talked his boss into giving me the. lowest APR they could offer. Wow. What's your credit score? Uh it's right at 700 on the dot.
Okay. Yeah. Oh, yeah. They do little special things. With the minimum monthly payment of. $547. So, again, that is chunky as well. Are you trying to claim that as a. business? Uh. the payment? I just to claim a. depreciation. I just claimed depreciation on that. And what is the term of this loan? Uh it's a 5-year. This is the statement that blows my. mind. This is insanity. This makes no. sense. This is the dumbest thing I've.
ever seen in my life. This is just with. the. what you're trying to get to and what. you told us, this makes no. sense, man. No sense. So, let's start it. In the checking account is $2,000. Wonderful. But, we spent most of the money that. came in anyway cuz Wendy's, In-N-Out, Kabob's ease, uh some gyro smirk burn smoking. burnouts. Do you smoke?
Yeah. What Everyone on this show smokes. What's up with everyone who has bad. finances also making bad decisions and. uh becoming addicted to nicotine? Yeah, it's probably like an addiction. spending and nicotine combined. Yeah. Uh. bad choices. McDonald's, Wendy's, Halal. Hub, an Apple subscription of some kind, Juice Land, another Apple, Starbucks, Figure Eight Coffee, Pedroso's Pizza, Bakery Cafe, KGBBQ.
some ales, more barbecue, Spotify. subscription, tacos, another Apple bill, Thundercloud Subs, more smoking to your. death, Wendy's, at. uh well, I mean, that that is probably. worth saying. And then, some taquitos. and Mojo Coffee, Apple, Halal Hub. What is this? Two Austin I think it's a. convenience store. Yeah. And $9, $6, so I highly doubt you needed. that by any means, especially since you. go to HEB, so. Yeah, it's uh it's just a convenience.
store attached to a Euro place. Okay, so I have some stupid taquitos. Yeah. Twin Peaks. Shooters. Taquitos. a vending machine I think. Mojo Coffee Halal Hub Applebee's. McDonald's smoking away your life. Versace Versace. That was a gift. Congratulations gift yourself out of. debt. What? I don't give a. More coffee Apple.
Apple Store that time. $60. uh. smoking yourself into the ground. iPhone citizen citizen. Uh the. the payment plan for Apple? Oh, you're on a payment plan for your. iPhone? Yeah. Wait, okay. Dang hot some Taquitos. Bakery Cafe iPhone Holy Smokes. McDonald's More Taquitos Figure 8. In-N-Out In-N-Out Silver Goat Pizza Tova. More smoking Jesus first this is so.
expensive too. Amazon Highland Lounge. Hulu subscription there's nothing good. there anyway. Taquitos. Pedro's Pizza and Snowy Village that's. insane dude. Yeah. That's insane and then you have $260. invested or $286 invested so it goes. even the point. I mean you aren't. throwing things towards index funds you. threw almost $300 towards it. Yeah. Uh that's not that's not you're not even. putting in a debt in your retirement. Yeah. So. I I'm.
Your plan. Remind me that it was just to. I just want to pay off my credit cards. Yeah, but your plan to do how? Uh it's going to be that I mean cuz a. lot of the convenience store stuff. especially is just wasted income as. well. Like I don't need to stop there. So like I mean that's 30% of my income I. could put towards my credit cards versus. eating out so I want to cut back a lot. on that. I know it's not going to go to. zero but I'm trying to get it down to. like five or so percent.
Why is it not going to go to zero? Uh cuz I still want to be social enough. in my friend group to. Yeah, you can be Again, you can be. social and like you you don't you're. I don't know. It feels like you're. trying to justify the spending the money. when it's money that you can't spend. because that 5% will make a massive dent. into your overall. Plus you're not even saving money for. taxes. So like Ew, like I don't think. you go and spend 5% on that. I want you. to spend 30% on fun, but you do that. after your after you're hitting 20% into. retirement, after you've paid off all.
your debt, after you have a fully funded. emergency fund. Yeah. I I yeah, I just never did it that way. I've never I've always had success. paying taxes, so I've just never done it. that way. Yeah, you have. Everyone has success in. everything that they're gambling on. until the second they don't. Mhm. That's true. And this is risk, man. You're just. having extra risk on it. Again, what if. your hours get cut? Again, what if like. the economy is in a you know, massive. downturn? What if it like you and your. workforce, other than like that brief.
little blue at the beginning of COVID, you who you've never experienced an. actual economic downturn. You don't know. what it's like. You're just coasting. You're coasting on the idea that this is. this is how it is. That this is the. world that we're in and this is what. it's going to be forever. You have. nothing saved up for the rainy day. And. the rainy day comes. Yeah. Yeah, like I had my rainy day and. I'm glad I had those funds, but. Well, your rainy day was a little more. of a choice. You just sat on your for. six months. I get that someone did you. over, but you could have also been. making some action. Like okay, I get it.
Dude's not giving me the job yet. Cool, but in your mind he would. Cool. It still hasn't happened yet. So let's. work until he gives us the job. Gives us. the job, you know? You got to work until. then. But you were just sitting on your. sitting on your savings. That was. terrible. Yeah, that was one of my biggest. financial mistakes I think I've made in. a long time. Yeah. Ever, probably. Uh okay. So you're willing to back? Uh, yeah. I'm I I want to start cutting.
back, actually cooking at home and not. just blowing my money. What do you think's going to be. different though? I mean, you're doing. it for the social engagement. So, what are your what with the FOMO that. you've dealt with, what are you going to. be able to do. that combats that? Yeah, yeah. So, uh I like that sandwich. idea, actually. I might take that one. Just bringing sandwiches so I can at. least get home without being like. Well, I was saying eat before, but like. you can do that too. I don't care. If. they go you might get in trouble at some. places, but. Yeah, yeah. Cuz I go straight from. training to eating, and we don't finish.
training till like 8:30, 9:00, and then. I don't get home. Then you drive somewhere. Yeah, and then we drive somewhere. Eat Yeah, so I could eat in the car. maybe or. is easy. Um, but and then I I don't normally get. home till like 11:00 every night. Yeah, I'm not trying to deprive you. either. Like, I really want you to. But, more than anything because your future. matters, I want you to get out of debt. You can play with your emergency fund. cuz it's dangerous that you do not have. that. Yeah, yeah. I think I'm just used to the. spending I had in Pennsylvania, and I. still mentally haven't broken that like.
I I'll always have another 10K check. coming. years ago though? Yeah, almost 2 years ago. Okay. Well, it's 2 years. Come on. Yeah. Welcome Welcome to the real world. So, after what you're setting aside for. taxes should be, you have a total income on average of. $2,450. a month. Okay? Yeah? Yeah. Your minimum monthly debt payments, let's take a look here. Those student. loan payments are what? No. $731.90. in minimum monthly payments, that's. insane. Your portion of rent one more.
time? Uh, 840. And your portion of utilities? Uh, it's about 50 a month. What about internet? Uh, 30. What's your car insurance? Uh, 250. Ew. Yeah. Had an accident. Oh, you really? Yeah. Thank god for USAA. I uh I got quotes. around here once I moved here and uh. Geico tried to charge me 500, so. Your gas is insane, but it's probably. for work. Yeah, it's all for work.
$374 and. $0.03 all for work. No, I mean you drive. to jujitsu and to places as well. I mean. it's but okay. $300 for groceries. $100 for the toilet paper fun. This is. everything else you need in life. Just. everything else that is just going to be. you know, necessary. Any ongoing medical. things you have to pay for? Uh no. I do I do get like skin. infections a lot from jujitsu, so.
Mhm. Maybe. How often do you have to. treat this? Recently. Antibiotics? Yeah, antibiotics. And what happens when you become. resistant? Uh we haven't got there yet, so we're. just going to act like. know people who have? Yeah. Yeah. What happens? It's bad. It's bad. what happens? So you you start on orals. Um. If you get on orals for long enough and. it still doesn't treat it, they take you. to IV. IV is very strong and it starts. having like bowel movement problems, stomach problems. Uh.
Like acid reflux. It's just in general very bad for you. And then that bill probably gets very. expensive. Yeah. So I'm. People haven't become resistant to the. IV version? Uh people do become. And then what? You you kind of just keep throwing IV at. it. Why not find a sport that doesn't like. ruin your skin? Yeah, but it's not as fun. You can choke. people out like. Uh it's. a weird thing to want to do. Uh but also.
Huh? Break people's arms, legs. You can do. You can do pretty much anything you want. to like a normal human. Yeah, harming people. That sounds fun. Yeah. That's great. Uh. And infected skin. Yeah. That also does not sound fun. No, it's not. I have a staph infection. right now, actually. What's that? Uh staph infection? It's a It's. something that lives on your skin. It. eats at your skin if you don't take care. of it. Where is it? On my leg. Show us. If you want to.
Oh, it's it's teeny tiny. I see the. redness. Does it hurt? are you getting treated? Yeah, it hurts a lot. Yeah, I'm on orals. right now. What's it from? Like specifically, what. part of the jiu jitsu? so it it's just exposed skin to a mat. and then usually the like the worst ones. are when you have cuts open, so I had a. cut on my leg and it got into the cut. Oh gosh. But I've seen when they don't get. treated, it creates like a almost like. it looks like a worm or like a bullet. went through you. So it's just like a.
hole into you. Yeah, those are pretty bad. Yeah. So what should we set aside on a monthly. basis for this medical medical issues? it's only like. I have insurance, so like probably 40. bucks. Are you willing to show us a takedown on. my producer? Can I do it to you? No. Don't do it to him, yeah. Yeah, you will. Okay. You said 40? Yeah, about 40. Only if he consents. I consent. He consents. Stay till the end of the episode and. you'll see. Noah,
who so many of you love, get get blasted. Ooh. Yeah, so if you're actually setting. aside money for taxes, you wouldn't be. making it. Now I know you have some good. months which must barely let you. survive, but no, actually you're not. because the credit card debt has gone. up. So that I mean that makes sense. It. makes actual sense. how the credit card debt has just. continually been going up.
Because what you need to survive, man, is $2,715.93. Again, if you're actually adequately. prepared for taxes, you're have $2,450. left on a monthly basis. Yeah. So, again, I'm good with you doing the. jujitsu and all that stuff, but. how many hours a week are you working. right now? Probably about 15. 15? Yeah. Ew. What is this? Why?
If you can't pay off your credit card, why are you only working 15 hours a. week? What are you? You're not a baby. What are you doing? Yeah. I I've had it work for me, so I. just kept doing. not. You're building up debt. You're. building up debt. It's not working. It's. not working. It's obviously not working, right? Yeah. Okay. So, why 15 hours a week? That's. That's just you just. not giving a. That's just you being a child. Oh, I. actually had hope for a second, and I. still kind of do. Maybe, I don't know.
This is. Okay. Okay. Okay. 15 hours a week, man. I thought I was sitting across from. someone who's willing to cut back on his. And you know what? If you do, man, you're making like You're not making. enough, and you only work 15 hours a. week, and you were willing to You talked. to our producers and said you were on. the right track. On the right track. On. the right track. Okay, cool. Cool. On. the right track. But you're building up. credit card debt. If you're building up. credit card debt in order to survive, I. think you would need to work maybe 20. hours a week. 20 hours a week. Would. that be crazy?
No. So, why the. Why are you only working 15? You're 23. You're not 16. Yeah. I I I've worked really long hours. with a really low pay, and this job's. pretty high pay for free. But you're not making enough. So, why are you not working more? Uh. Even at another job, I don't give a 15. hours a week is nothing. Yeah. It's kind of. You're retired. It's It's close to the top of what they. offer. Um there's only a couple. Other job. Other job. Yeah. So, that's kind of where my training.
comes in. I just train for the rest of. the time of the week. Yeah, but I don't give a Your training. is not providing you anything. Physical. fitness, yes, but longevity financially, no. Yeah. Like you're going to die under a. bridge broke, but you'll be fit. Yeah. Great. Yeah. Why are you only working 15 hours a. week? I need some insight into your. brain and how it's operating. It's just the way I've been working for. the last 4 years. Congratulations, but again, it hasn't.
been working. So, why have you not. addressed the situation? I just don't like working a lot of. hours. Well, there it is. So, you're a baby. Yeah. Okay. Are you going to man up? Uh if it means working working more than. 15 hours, no. I'm happy working 15 hours. Maybe 20. I'd work 20. Oh my gosh, what are you? Do you know. how hard people work out there, man? And they're not even making it. And. you have the ability to work half as. much as them and actually live a good.
life, and you're not even willing to do. that? Well, it's the most immature thing. I've ever heard in my life. I mean. I I've worked 120-hour weeks. Congratulations, you're working 15 right. now. I don't give a what you've. done. Yeah. And I was just never happy. So. Yeah, I think there's a little bit in. between 150 and 15. For sure. But you're not willing to work over 15? Not at this current job, no. I don't. No, in other job. You get a second job.
Like I I feel like I run out of time in. the day. You don't, cuz you're spending it all on. fun and hanging out with friends, going. out to eat, breaking people's arms. That's what you're doing. That's what. you're doing, not running out of time. You're just spending your whole day. having fun. 160 hours 168 hours in a week. No. You're working 15. 153 hours that is available for you to. do Now, you should I want you to.
sleep 8 hours a day. I want you to sleep. 8 hours a day. I'm not an evil person. Like, you know? 97 hours left in a week that you're. awake. 97 hours left in a week that. you're awake. And you won't work one. more hour? One more hour? Why aren't you. willing No, no, no. Let's just say even. for the job you're in right now. Even. for the job you're in right now, why are. you not willing to work one more hour? Uh for the job that I'm in now, I work. most of the hours they give me. Uh I.
only decline the jobs maybe five or so. jobs a month that. That could be a lot though. No, that Those are the jobs that are. they won't pay me any extra. It'll be. like I'll only make like $10 an hour for. the job. How many hours? Maybe. 10. $10 an hour and you only per job. Per job. Per job. How many jobs do you You said. six. Yeah. That's $600. Oh. Congratulations. You now have enough to. survive.
Yeah. $600 is a lot when you're hm. $300 away from being able to make your. bills. Yeah. So, again, this is the most childish, immature. thing I've ever heard. Yeah. Maybe the most childish, immature thing. that's. action or. belief or opinion or person that's ever. been on this show. You saying that. I just. having hope for a bit. They were. probably having hope for a bit. And now. you've destroyed everything. I just always I've been liking working.
short hours, short weeks. I know, but you can't survive. Yeah. So, congrat-fucking-lations. Work those extra hours. Yeah. Yeah. That makes sense. Yeah. So, you will do it? Maybe. Yeah. Okay. Why maybe? I I still like training. man. I still like training. give a what you like. Do you like. surviving? Do you like being able to. retire? Do you like having a roof over. your head? Do you like not having debt.
that's hounding you and keeping you up? Yeah. Cool. Then just do a couple extra hours. a. week. 60 hours divided by 4 is an extra. 15 hours a week and you're working 30. hours. 30 hours. People the average. American would dream of working 30 hours. a week and actually making it. But even. if you work 30 hours a week you have an. extra $300. Well, we still need to set. more money aside for taxes. So actually. let's see. 600. Actually have an extra $420 a month. which means you actually only have an. extra $120 a month which means you need. to start throwing that towards that.
getting a fully funded emergency fund. Even if we were doing minimum monthly. payments until it's paid off on the. Honda cuz it's such a low interest rate. and though we don't like the term. So I. would probably move it up like 600 bucks. a month 650 but either way either way. either way obviously we can't afford. that but 150 extra dollars left on a. monthly basis you need a 6-month. emergency fund. In your case that is. going to be. Uh well actually. it's going to be about $12,000 so. $12,000 plus the $4,289. you owe on one credit card and $5,240.
$5,000 you owe on another card and you. only are willing at the No no no you're. not even willing to do this. I'm going. to have to convince you to work an extra. 14 hours a week not 15 hours a week but. okay. Let's say I'm even able to. convince you to do that. Even if you do. it takes 143. months months to have a fully funded. emergency fund one of the most basic. things you can do in life to be. in a sound financial position. And one of the most and actually paying. off your cards 143 months also known as.
12 years. 12 years. Yeah, that's hilarious. That's crazy. You're 35 35. not having a single paid for fund 35. Finally getting out of credit card debt. finally having an emergency fund. assuming there's no economic issues. nothing happens in the industry that. you're in nothing happens in your life. No injuries, no nothing from jujitsu. Maybe you get. you know, you can't see anymore, so you. can't drive. I don't know. You never. know what can happen. It's a crazy. thing. You're talking about basically.
killing people, so I know crazy things. can happen. Man, I. That's unacceptable. How is that. acceptable to you? The the extra work? That's if you double your hours from. right now, double your hours from now, it takes 12 years to pay off your debt. and have a fully funded emergency fund. You're not even willing to do that. So, how is this acceptable in any way. whatsoever for your life? I'm disgusted.
Yeah, I've been surviving so far, so. You're not. Yeah. Uh people confuse that. You're not. You're putting it all on a credit card. Yeah. You're kicking the can down the road. You're not surviving. You're literally putting your survival. on a debt. Your debt is your survival, and that comes back and it's going to. take away that surviving. Yeah. Cuz you have to pay it back. You are not. surviving from your own life. You're. surviving on someone else's money, the. bank's money, Truist's money, Chase. Freedom's money.
So, 12 years to double my work. load. That's if you doubled your work load for. 12 years. and didn't have a single You didn't pay. for fun once in 12 years, which is. impossible. Impossible. Yeah. Obviously for you, beyond impossible. It's hilarious. Yeah, that's that's a lot. I uh. I don't really know what to say to that. Change something. Are you not just Who. am I talking to right now? I thought I was making more than that.
You're not setting aside money for. taxes. Yeah. Now, yes, you're going to deduct things. You're going to do this. You're going to. do that. And hopefully you're doing it. all legally. I don't know. Probably not. Close enough. Yeah, I don't know if that. works. I don't know. This is actually really sad and. disappointing to me, You're 23. You have so much potential. You don't. understand. With your income for the. hours you work, you have so much. potential. And you are throwing it all down the. drain. You're going to look back. You're. going to look back and you're going to.
be so embarrassed and sad and upset at. yourself and pissed off at yourself that. you did this. When you're going to have. almost nothing in retirement by the time. you're 35. Yeah. You're going to look back. You're going. to have seen that you could have a. couple hundred thousand dollars saved in. retirement by then after account some. compound growth. With your income, if. you put in actual hours. Yeah. So so I should double my work and. just. That's a minimum, man. Yeah. That's obviously not enough. It takes 12. years. If you double your work, it takes 12.
years to have a fully funded emergency. fund and pay off two credit cards. That. doesn't even account in paying off the. Honda, but the Honda will be. automatically paid off by then through. minimum monthly payments. Yeah. Might take a little shorter because all. of a sudden the Honda payment goes away. after 5 years, but probably four from. now whenever you got it, you know, but. I'm 3 years in. Okay. So maybe that accelerates it to 10. years. That's 10 years of doubling your. income. Yeah. That's not enough. No. You need to triple your income. Yeah. Like easily. What do you mean? Like that I I wouldn't want to be in. debt for 10 years, for sure.
Yeah, but you're also not willing to. work more than 15 hours a week. This is. the good case scenario where you double. that. Yeah. Which one's more important to you? Like work or debt? Uh probably debt. Okay. So you're working more than 15 hours a. week? I'll Yeah. I'll I'll start looking for a. new job. You're working more than 30 hours a. week? I wouldn't say over 30. Buddy, it was 30 It was 30 that got you. to 10 years and you just said that was.
unacceptable. I. I don't know what else to do past 30. hours a week. What do you mean? Like I I haven't worked that in so long. I don't. know how that would even work. Cool. Be a adult. Yeah. and do it like the rest of us. That's true. We all got to take care of. Why are. you special? Why are you this magical. being? Who are you going to fall back. on? Yeah. The rest of us in society because you're. choosing not to work? It's not fair. That's true. Yeah. So what what what would I need to make. monthly to make this.
feasible within the next like. 5 years? Oh my gosh, I just forgot. I just forgot. until this exact moment that you said. that one card would be paid off by the. end of this year. Yeah. That's not even possible cuz you're. making less than you need to survive. What was your plan? Your plan didn't. exist. It was a fantasy. I I thought I thought that food would. take care of most of it. No, I don't even have going out to eat. in your budget. You can't afford it. Yeah. What kind of dream world are you living. in, buddy? So so how much would I need.
to take care of it all in 5 years? Yeah. Mhm. All right, let's see. Okay, let's see. We're we're we're we're. doing this very basic version, not uh. assuming extra minimum monthly payments. once they're paid off going to towards. some of the debt, but we're also not. assume we're not taking into account the. interest that's occurring on the debt. We're going to just do general thing. You're actually going to go through our. budgeting program, and that's going to. give you a more accurate payoff. We have. a payoff calculator, avalanche or. snowball. You're going to go through the. program and build the actual best budget. that you can.
Okay. And while I do this math, by the way, let me thank you. for being on the show. Yeah. You're a disappointment to the for me, and I'm a little bit embarrassed, I'll. be honest, for you. But thanks for being on the show because. it's an educational resource for many. people out there. And I really hope I. hope this is what changes your life. because the path you're going down is. very destructive. I want you to be on. the show. And if you want to be on the. show, link in the description below, you. can apply. Um and you can get your. Hammer Financial Score down there for. free, as well, by the way. It's pretty. fun.
Okay, I need to do this. Yeah. I thanks for having me on cuz I. didn't know how bad it was. Well, let's say again, this is basic. Let's say your needs don't increase, but. your minimum monthly needs over the next. 5 years, you'll need $162,955. Okay. I'm trying to think of how I want to do. this math. Am I stupid or am I being. stupid? Is there like a radiation of stupidity. at this table? Yeah, probably. I'm sorry, that was mean.
It's kind of funny though. Yeah, just I'm being a. Oh, I I am an actual idiot. Okay, I get. it. You'll need to throw an extra $358. and 90 cents a month. towards the debt and eventually towards. fully funding your emergency fund. And. that again does not take care of the. car. What's a fully funded emergency fund? That's 6 months? 6 months of your living expenses, yeah. You need to bring in post setting money. aside for taxes minimum 3,700.
3,073.90. cents. Minimum. After after taxes? After setting money aside for taxes. That's 30% you said? Huh? You said 30% for taxes? Uh that's a that's a good conservative. number to put aside for taxes. When self-employed. Yeah. Guys, it's a new year and you need to. make your money work for you. You can do. exactly what I literally do right now. and put my money in the best high yield.
savings account, SoFi. I get a 4.6%. yield on my money and I also took. advantage of the bonus of up to $250. when I signed up. You can start 2024 off. amazing by doing the same by going to. the link in the description below. This does not take This This is the. perfect number to get there. But that's. also 5 years of not literally going out. to eat once, not getting a single cup of. coffee once other than what's in your. grocery bill. It's without having any. paid for fun for 5 years. That's without your income going up,
which means you can speed it up by your. income going up. Yeah. Um. but that also isn't taking account any. rent increases. You know, rent is in a. slump right now in Austin, but over the. course of the next 5 years, you never. know where it goes. It could rebound. Uh. this is without utilities going up. This. is without the cost of food going up. Let's say we have another massive bout. of inflation. Um you never really know. Sometimes when. inflation hits, it you know, we get a. spike and then a trail off, and then we. get a spike again. That has been seen. all throughout history. We're on the. trail down. I'm not saying it's going to. happen again, but let's just say if it. does, then these costs are going to. increase. So,
Yeah. uh. So, But this is like the literal like in the. most basic way, the exact number that. has to come in post taxes. Yeah. So, like probably 4,000 is a good goal. to. shoot for monthly post tax? Yeah, basic Yeah, 4,000. $3,996.07. $4,000 a month. Yeah. So, increase my money. And stop spending. You're not very far from that, man. Yeah. You're not very far from that. What if. That's for you doing it in 5 years. Why. is Again, this is two credit cards and a.
6-month emergency fund. So much can. happen in 5 years. Why am I even. entertaining the idea that 5 years is. acceptable for this? Yeah. This should be a 2-year mission. Should. be a year and a half mission. You are. young. You have a lot of energy. Yeah. You're fit, you're healthy. Go out there. and work. Yeah. like a mature individual that has. something to take care of. And you have. something to take care of. I need you to. pay this off in a year and a half and. you have a fully funded emergency fund. by then, which you are totally capable. of. Totally capable of. In a city like. Austin, man.
Yeah. You're going to be working long hours? Absolutely. You're going to be. sacrificing for a year and a half, but. that sacrifice for a year and a half is. giving you decades and decades and. decades and decades of your life for. amazing prosperity. Yeah. And living that fun life that you want. to live, and having the ability to. retire at some point. Yeah. 5 years is unacceptable. You find 5. years acceptable? Not acceptable, but more realistic than. the 12 years. that realistic? I've had people on the. show with much worse situations who are. able to get out of that debt quicker. And if you paid off the amount of debt. that you have by the time they've.
since they've been on the show, we sent. out a survey. We're getting responses. Yeah. You're just being a child. Yeah, well, compared to the 12 years. that was initially. Well, 12 years is beyond unacceptable. That doesn't mean this is good. Uh I don't want to get shot. I know. being decapitated is worse. Doesn't mean. I still want to get shot. This 5 years. is still really bad. Yeah. Just because it's better than 12 doesn't. mean I find this something I wanted to. be by any means whatsoever. Yeah, I I still my goal still is by the.
end of the year. Yeah, but how do you do that though? You're. How many hours are you willing to work a. week? Oh, it sounds like I need to work a lot. more. Well, no. How many hours are you willing. to work a week because that's what your. main issue has been is not willing to. work. Yeah, probably an an additional like 15. to 20. From where you are now? Yeah. Remember, are you. Okay, cool. Easy. Okay. Let's not say insulting things, shall. we?
Um. Your brain. Yeah. Did it understand what I said? What happened if you're only working. extra 15 hours a week? Yeah, 12 years. Okay, and you just said you're only. willing to work. an extra 15 to 20 hours a week. I I would find. that is going to meet your goal by. paying this off by the end of the year? Well, I think everything past that that. extra 15 would all be straight to the. credit card though.
No. It better be. Yeah. But you said cap 20. Yeah, I still think 20. Uh. I don't know what number we're going off. of for hourly wage I'd be making. I'm going off of your current. Oh, so so that'd be that'd be. that'd be like $6,000, right? you told me you would get. if you worked those extra jobs that are. offered that you decline. Oh, okay. Okay. Yeah, I would. Which is all that's available, right? In. terms of your job. that job, yeah. I I would try to find a.
different job paying at least similar. Yeah. At least similar. I'd try to shoot if. I'm doing 15 hours a week extra from. another job, I'd try to shoot for. another 2,000 a month. You would need to make $22 an hour. to hit that 40 40 hours a week 40 hours. a week, which isn't even. not even what you wanted to do so. What. are we even doing? What's. What is the purpose of any of this? I don't know what what. What? Actually, that's a great question. That's a great question. Thank you.
Thank you, Caleb. You're. great at asking questions. Why Why the. are you here? Why are you possibly. here not willing to work more than 40. hours a week? What a joke. 30 hours a. week? What a joke. What a joke. Yeah, I still want to get my finances in. order. Awesome, but you're not willing to do. what's necessary in order to get your. finances in order. Why the are you. possibly here right here? Why are you in. that chair? Why are you sitting right in. front of me? Well, first off, I wanted to see how bad. it was, and I didn't know it was nearly. this bad. Okay, now that you know it, Yeah. usually that's when you do Okay, I'm. going to do the thing that's necessary. to get out of this. Yeah. But you're like, I'm 35 hours a week max, or else I'm.
going to die. Yeah, I still want to stay I mean, I. don't want I want to stay at 40 or. under. Well, this keeps changing. What is your. max now? first it was 15, cuz I do want to stay. at 15, but that's improbable at this. point. So, I I'd be at most comfortable with 40. Wait, what's your phone bill? Do you. have a phone bill? Uh it's just $52 a month. I mean, you I mean, you have no money. left over. So, I missed that. 50, you. said? Yeah. Oh, you have a minimum monthly payment. for your iPhone as well. That's that. That's that. My mom pays.
for my phone bill. Oh, okay. Did you go to college? No. Look into a certification. Maybe I can. gift you a tech certification through. Course Careers. You might be good in. sales. Nah. Nah, you're not very. talkative. So, you might not be good in tech sales. Uh. What am be able to gift to you a. certification in something you find more. valuable anyway? Cuz again, you don't If. you If you're willing to work 40 hours a. week, which I don't even think you're. willing to, um you need to make $22 an. hour to make $4,000 a month.
Yeah. Before taxes, which is what you need to. get that 5-year mark. Again, I'm still so beyond confused how you. think you're going to pay this off. within a year, by the end of this year. Yeah. And only your. cognitive dissonance is astounding. Just the. where you think you want to go, but you. what you're willing to do are so. opposing in every way whatsoever. Like, I'm blown away. Yeah, I. I definitely need to work on the amount. of hours I work. I I think I've been too.
comfortable for too long, and that. should probably change. Understatement of the history of this. show. Yeah. I want to know what you actually. do. Like, this is. That is the easiest cop-out that anyone. could ever have. Oh, you're right. This. is wrong. I I should fix it. What are. you actually going to do, man? Uh well, I'll start looking for a new. job that will. What does that look like? Tell me what. that looks like. Um I know I have a couple friends in the. nightclub scene, so maybe bouncing over.
weekends and weekdays. That's something. that can fit both into my current work. schedule and my. training schedule. Um I'm also looking. at trying to start a wrestling program. for the youth in this area. Oh, good. Um. I mean, can we do that when you're like. not about to live under a bridge. by chance? I mean, that will be That will be a paid. role. It won't be just charity. No, you said you're starting it. You're. talking about building a business from. the ground up. Most businesses don't.
make a profit for. So, it'll it'll be built into already. established. training room. So, it'll just be an additional class. Henzo Gracie Austin. And they're they've approved this. Yeah. Um so now we're looking either end of. this month or beginning of next month. What do you think you're going to make? Uh. You obviously have to recruit people and. hope people sign up. Yes, we have about we have a. on my current team right now of people. that committed, quote unquote. Current team? Yeah. the clients?
Yeah, it's like we call it team, but. yeah, clients, whatever you want to call. it. Sure. Uh we have 10, so it should be about. $200 per class. Once a week, 800. That's if we do it. I'm still. that's still in the air. I wish I had. This is we're recording this on a. Friday. Yeah. I really wanted to have some hope in. someone before I was heading into this. weekend. You've destroyed me. Maybe I'm just getting jaded, but you've.
destroyed me. Sending a budget stupid as. makes no sense. You basically. missed a payment, zero out of 10. Your. dad It's not even close to the worst for. your age. It's stupid, but it's not like. the worst, four out of 10. You're just. You're just not willing to do anything. to tackle it. That an actual adult with any semblance. of maturity would do. Emergency fund, technically nothing cuz it's all saved. up for taxes, zero out of 10. Retirement, you contribute if you have 100 bucks. I. mean, what what is this even invested. in? Uh just S&P and then uh.
Through what platform? M1. Okay, I've heard okay things about M1. And then uh like a couple dollars in. Nvidia. I personally been using. Moomoo, and it looks better than. Yeah, either one. Doesn't matter too much. Nvidia? Oh gosh, man. Is that bad? Well, it. What what percentage of that is your. overall portfolio? So I'm not going to. give investment advice, that just. Uh I mean, it's. 30% of 30%, so like what is that? 12%?
11%? Retirement, one out of 10, cuz you have. something in there. Real estate, nothing, zero out of 10. Hammer. financial score one out of 10. Make sure. to check out all the resources linked in. the description below. They are what I. use or would use in specific situations, including the best budgeting program in. the history of the internet, but I do. want to end this on a positive note and. I'll let you beat the. my producer. Oh, thank goodness. End this poor. So, we're going to go over a throw into. a choke today. So, we're going to get.
over and under. We're going to PUT OUR. HEAD. AND LAY HIM DOWN. NOW, ONCE YOU GET HIM. HERE, WE TAKE our arm all the way around our. shoulder here, and then we just squeeze. until he goes out. Uh, you didn't BRUSH YOUR TEETH. OH, BOY. YOU KNOW THIS REALLY SUCKS. THANKS TO ALL OF OUR Patreon producers. for making this episode possible. If you. want to participate in an episode of. Financial Audit and you're able to make.
it to Austin, Texas, please fill out an. application on the survey linked in the. description below. You can also send a. link to your friends or family who you. think might be good to be on the show. If you have any questions, you can email. casting@calebhammer.com.
