The Stupidest Debt I've Seen Someone Take Out | Financial Audit

Hello, hello, hello. My name is Dustin. Foray. I'm 27 years old. I'm from New. Orleans, Louisiana, and I am a. filmmaker, and you're watching Financial. Audit. We're all New Orleans that. Thank you. for the gifts. So, 27, oh, film. That's. what you do. What in film? What do you. do? Um so, the thing is about film, um. it's always gig work, so it's pretty. much different from time to time to. time. salary positions. Look at the guy behind. you. Okay. You're hired. Okay. But, mostly yes, mostly gig work.

What what do you do though? So, uh for the most recent gig work gig. work, um. I have this one client that I am on. retainer with, uh and I mainly write, edit, direct their marketing. commercials, but it's very like. a company then? It's very small scale. Okay. I would say on the scale of like your. local uh lawyer, you know what I mean? They'll be like, "One call, that's all.". Before that, I.

uh for the year before that, uh like. last year for example, I was a. production assistant in the health and. safety department on uh a handful of. like AMC shows that were shooting in. town. Oh, that's cool. Yeah, super cool. Um. until the show's over, and. Yeah, what shows? Uh Interview with a. Vampire is the one that's out right now, uh which is I was on that for like a. day. Uh and then the third one that I was on. is not out, and so I don't know if I. should say what it is. How's New Orleans for the film industry? Uh so, if if you want to be like a.

writer director auteur type, which is. kind of the field that I'm trying to be. in, it's very like independent in the. sense that it's like you have to make. your own work, and you have to make. friends that will help you make your. work. But, if you're like a film worker, like I want to be a grip, I want to be a. PA, I want to do hair and makeup, it's. fine. Cuz like the work will come in, you do the thing, and then they'll. leave. You know, they come, they eat, they leave. They come, they shoot, they. leave. Um. and so, as far as it comes to like. making your own stuff, it's like it's.

fine, but it's like there's that. challenge of like you're the one who has. to make it. Sure. Um and like editorial, as far as. I've noticed in the last 10 years, I. have yet to get an editorial job that is. linked to Hollywood. Other than. in New Orleans, or do you have the. plans? The classic plan is LA, right? But, of course there's multiple places. Georgia, New York, and stuff like that. Yeah, I that's that's one of those. things I've been trying to like figure. out. Um Well, how long have you been. doing this? You're 27.

So, how long have you been doing this? I've been doing this since 2014. Okay. Did you go to college? Yes. Did you get a degree? Yes, I got. two degrees in film. Okay. Um it's a. little silly how I did it though. I went. to film school at the University of New. Orleans, and then like when I wasn't. getting work that summer, um and you. usually like outside of school, I was. like doing film, but it wasn't like. Hollywood. It was like, you know, my. friend's short film, which. Yeah. It pays you in exposure bucks and,

you know, favor tokens. Pizza. And pizza. Um but, after that summer, after I. graduated, still wasn't finding work, so. then I was like, "Let me go to grad. school." But, instead of going to like. AFI or CalArts or another school, I. CalArts. I I went back to the same. school for grad school. okay, but I I don't care about that. part, but it's just the arts, and trust. me, I come from the world of the arts. I. got a trombone right there. Music. composition, that was my thing, and I. mean, I still would love to have the. time to do that, but it's just people.

just get so stuck in the school routine. in the arts, I swear, cuz they get. through the bachelor's degree, and. they're like, "What am I supposed to do. now? Oh, let's just go get the next. degree." And they're like, "What am I. supposed to do now? Oh, let's just go. get the doctorate." And it's just it's. just a never-ending cycle, and you went. through that world, and that explains. the student. That's because you have. some debts. Yes, I do. What Well, how much do you. make? We didn't even get that. How much. do you make right now? Uh so, I Like I said, I mainly got this.

like one client right now who's kind of. like that's where most of the money come. from. Uh. and so, on a given month, my. average is like five grand. Not bad. I mean, that's a a a livable. of. Well, okay. Is that Is that after taxes, before. taxes? Oh, that is 1099 all the way. Okay. So, I mean, 60,000 bucks. I mean, yeah. 60,000 bucks, that's more.

than a livable income for. a lot of places in the United States. So, that's great, and you're doing what. you would love. Or you're in the film. thing, so you're doing at least an. aspect of what you love. Yeah, I'd say it's adjacent to what I. love. It's the it's the doing the thing in the. field that you love, but doing the thing. that is required to survive, and then. hopefully doing on the side more of the. things that you love. Okay. But, cool. 5,000 bucks. You're setting money aside. for taxes? Yes. Good. How much? Um so,

when I first started doing that, I was. doing being super aggressive because the. rule of thumb that I've heard from other. 1099 film workers was. a third, just a third of the paycheck. Then, and I need to, you know, get your. opinion on this, but uh maybe like a. month or two ago, I was getting advice. from my dad because he was like, "What. do you mean you can't afford a car?" Um. so, his advice to me was instead of a third. was to save 25%. And I was trying to. follow that for the last like month or.

so, but a part of me is kind of. second-guessing it. And then also after. watching a handful of your episodes, I'm. kind of like, "Who wants a new car?" It. depends. Well, no, no. There's There's extra taxes when you're. self-employed that you got to pay. Yes. So, your overall. taxes are going to be a little higher. just as an individual person. Mhm. And. then the tax bracket you're at 30 I. would do 30% cuz it's a safe, and I. don't want to eff around with the IRS. And if there's a little left at the end. of the year, okay bonus. Woo. Absolutely.

thrilling. Other than. okay, 25%. you know, maybe you owe a few hundred. dollars, maybe you owe a few couple. thousand dollars. But, if you don't have. that extra couple thousand dollars, then. we got to take a look at your situation. I would just rather error on the side of. caution, especially when dealing with. the IRS. Mhm. Cuz you don't eff around. with the IRS. You know what else you. don't eff around with? Hitting that subscribe button because. it's so fun to just push it, then it. changes to like a white or something. like that. It's it's so pleasant. And.

we're trying to get to 750,000. subscribers, and thank you to everyone. who has subscribed so far. So, let's start with the debts. Actually, before the debts, what's your financial. situation from your. perspective? What would you say? Uh. So, if I could go back to my origin. story, um. the the thing is um. from like 16 on to maybe like a couple. years ago, I honestly, not going to lie, lived off of like 400 a month for like. the longest time.

Wait, until a few months ago? No, not a. few months ago, until like two years ago. pretty much. ago, okay. Um until pretty much right. after grad school, which I want to say. was like two years ago. So, yeah, for. the longest time I was living off of. like 400 a month, which was like, you. know, jack. And um. You were living off of that, yeah. And. then I finished grad school, and I start. working at like, you know, Photo Kem, then I start working on TV shows, and. then suddenly I'm making like a thousand. a week. Um. and I get it. And and. you know, I know you have this theme of.

like making a sacrifice now so you have. benefits later. A part of me was. thinking like, "Oh yeah, I made the. sacrifice then, and I'm living it up. now." And then a part of me. old age of 27, yeah. Yeah, and so I a part of me thinks I. miscalculated that one, and so a part of. me is worried about like um. what what's the word? Uh inflation of uh. Lifestyle inflation? Lifestyle inflation, yeah. Part of me is. worried of that, um and then I don't. know. I I get into this like doom. scrolling existential dread of like I'll. never be able to afford a house. I'll.

never be able to afford a car. Cuz a. part of me is like I make five grand, but a part of me is like, "But, I still. can't get a house, you know?" Um And. then now I'm just worried because. statistically, you know, Louisiana is. one of the like the more poor states, so. a part of me is like if I'm making good. money for Louisiana, I'm I I have a. feeling I'm making jack squat for a. state that I want to move to. 60,000 bucks not necessarily. Okay, but. what's the state you want to move to in. the city within the states? Like what. are the options? Are they the ones I. already said? Atlanta, you could make it by in.

Atlanta. Mhm. Um that would again, it would be um. 60,000 there compared to where you are. now, maybe closer to like 40,000 in. terms of feeling, you know. Uh but, you could certainly uh scrape it. by. Even in a city like Austin, you. could do um I did have a friend. recommending it, and the state did They. did do that push for the 200 million tax. credit thing. And it's becoming more of a film place, but yeah, I know a big studio is opening. in a town nearby, but either way,

it's certainly not on like the Atlanta. LA New York level, not even close. Um. but again, proof that you can make it, and. hopefully he doesn't hate his job. So, it exists. What would you give. yourself a score zero out of 10 right. now? Honestly, I have no idea how to. gauge any of that. Um What does he got to say? I if I had to go off of feeling, I'd say. I don't know, five. Okay. Optimistic, okay. That's optimistic, okay. Well, yeah, I. will I think for I mean, 77,000 dollars.

of debt total. I'm used I'm used to like uh. you know, video game scores where like. anything below a seven is dog crap, but. anything above a seven is like. that's five would be the definition of. average, right? I mean, if all Americans are in debt, then I feel so average. Well, not all. Americans are not in debt necessarily, but I would say I mean, yeah, a lot of. them, majority. Okay, either way, we've. a. personal loan?

Yes. Why? What is this? What possibly? That's what I call a bad. business decision that blew up in my. face. No. Well, okay, go ahead. Tell us, give. us the deets. It's a great story. Um. so, one thing that some of my friends. who are in like camera department, what. some of the things they do is they own. their kit, right? They own their. cameras, they own their carts, they own. all their right. Okay. Um.

I, even though I don't work in camera. department too often, was thinking, "Ah, that's a great money-making opportunity. right there." And and then on top of. that, I also like. saw the interest rate and I want to die. Sorry, continue. I I also, you know, I. shoot my own shorts, I shoot my own. documentaries. So, a part of me thought, "Oh, I can go all Kubrick on this and. just own my cameras. That way I can save. money on my productions. by, you know, cutting the cost of the. camera rental, right? Um Okay. And here's where the story lies is uh I.

took out the personal loan when I saw. that there was a camera that I wanted a. um. you all might be able to find a picture. of it. Uh the Sony FX9, which usually goes for 16K. I found it. for. Cameraman made a face, so I know it's. good. Yeah. Um the Sony FX9, uh it's like a baby brother to a Venice. and an older brother to a um. FS7. But either way, uh it usually goes. for 16K and I found a fully kitted out.

one for like. 9,400 bucks. And I had the money. I had. the money, but I just didn't have the. ability to like get that money to that. vendor, you know what I mean? So, I was. like, "Okay, if I could take out the. loan and then rent it out for 500 a day. and then get like one or two features a. month.". like So, you know, I thought I could. {quote}. here's where the tragedy lies. Um. the seller, I guess, got hacked. What? The seller got hacked.

Okay. So, the camera never came. Whoa, whoa, whoa, who'd you buy it. through? What platform was this? eBay. eBay has protections. Yes, so they sent. the money back. Okay. So, there is a. good there is good news. There is good. news. Um. they sent the money back, but the money. was sent back to my credit card because. I used the credit card as like a layer. of protection. So, then after this like. whole rigmarole of being on the phone. with eBay, being on the phone with Navy.

Federal, and then being on the phone. with Capital One, I eventually. got my money back. How much? The total? The 10,000, whatever? Uh not the full. 10,000. Um why? I spent a thousand of it. on a lens to go with that camera. I do. have the lens. I just don't have the. camera. So, I paid back 9,400. So, there. is of this? Yes. Of this? Yes. I paid back 9,400. So, now I owe them like maybe 300, 600. bucks. I don't But it says the total. loan amount was 12,565.

That part I am confused on. Um. cuz I don't think it is 12,000. Well, it. says it is on the statement. Yes. And you paid back how much? I paid back. 9,400. I think there was with you. opening this, I think there was just. extra charges and. 9,400? 9,400 has gone back to the lender, yes. Okay, so you're still going to owe. This. is absolutely disgusting.

Dude, I wouldn't be laughing about it. What? $3,165. because $3,165 was worse it was it it. was certainly worse. I'm glad you paid. that back and I'm glad you didn't just. go spend that and keep the loan. But. it's at 15.44%. interest rate. Which I did not learn was. a problem until a week ago. OH, KELLY, NOW? HOW? HOW? HOW OKAY. Um I. didn't really learn about the I didn't. learn about the issues of interest rates. until like maybe this past month.

Okay. There's a lot I learned along the. way. That's just an insane interest rate, but. I'm glad you're learning. At some point. it matters, but with whatever the extra. fees were and all the and haven't made a. payment of any kind, well. Well, I made the 9,400 payment. Yeah, you did. No, that's true. You. haven't made any of the minimum I'm. curious what the. The minimum monthly, I want to say, is. like 300 bucks. Well, 349, yeah, but I'm. wondering what it's going to be with the.

It'll I think the way this is, it's. going to still be that same minimum. monthly payment. And it'll just be paid. off quick. Well, yeah, cuz it's a. personal loan, so yeah. Yeah. The. minimum monthly They're they're not. lowering that payment amount. They still. want, you know, they're they're like a Oh, trust me, they would actually make more money if. they did lower the minimum monthly. payment cuz the interest would accrue. longer, but um okay. Well, I'm glad we. went down from 12,500 to 3,165. So, I'm. celebrating $3,000 at 15% interest.

Death. Death. Okay. Death. So, what is this? Uh we have Is this the. same thing? Cuz this is a 15.44% interest as well. What is this? Um. oh, I I I sent you a screenshot of me. paying it off, the 9,400. Okay, so that's that's like when I paid. the 9,400. I think I was trying to send you a. before and after screenshot. So confused how much is owed.

if I'm right and it's not $3,000. Well, there is a principal balance of. like. 700 bucks, but then there was that. extra. There was that extra few. thousand, so I don't know what it is. You're going to have to figure that out. I hope I hope it's only 700 not 3,000. That's it though, like. if it is only a few hundred bucks and. it's paid off in a couple of months, the. the kick in the nuts is um yeah, I still. end up paying like an extra. few hundred bucks on the interest that. didn't need to exist.

that that sucks. You took out a personal. loan to do this. But hey, you know, ever ever touched um. ever touched the hot oven as a kid just. to see? I've touched a hot oven as an. adult cuz I was dumb. Cuz I always forget the oven's hot. The. pan, the pan. I always touch the hot. pan, that's my thing. I touched the hot. iron, you know, the. iron the clothes. Okay. So, student loans because you. wanted to go to film school and then you. wanted to go to film school plus. afterwards. Yes.

Great. $61,749, but they're all federal. You have no. private student loans, correct? No private student loans. Good. Almost. took private student loan and then. coincidentally, I guess an idiot savant. in me kind of um took the government. loans. Good. These range anywhere from 4 to 6% when I. was looking through them, so. Mhm. With this, these minimum monthly. payments are going And this is better. than some of my friends cuz some of them. friends? Yeah. Some of them had to, you know, take out loans to go to undergrad and I.

only had to take out loans for grad. school. Oh, why? Parents or scholarships? mom Well, I did get This was only grad. school? Yeah. So, my mom took out tops. I mean, no, I got tops. I was a smart. kid, got tops, and then my mom had some. mutual fund that she made when I was. like two that matured and then I, you. know, could only spend it on college. But then like the part was it only. lasted until like the last year. So, then my dad had to pay for the last like. semester. That's cool. Oh, I'm glad they. at least did that. Um.

So, great great full. What else cuz you. don't need a degree to do film. I wish. you would have learned all that stuff. without the degree and then use the. money that was saved up to. give you the money you want. the more I look back in time, the more. I'm like a part of me agrees that like. film school's not the most necessary. thing, but you know what it is, I think. in my particular case is I feel like the. education that like YouTube had in. particular was still like Catching up. Still catching up and building. Like if. you look at like Film Riot, for example,

and what they looked like when I was. starting film school, it's like nothing. compared to how they are today. getting like the most. uh. grunt work craft jobs and just working. on the scene as like someone who just. brings food around to everyone. You catch yourself. Listen, no, I get it. There is a lot. that you learned and a lot you can. learn. There's a lot I learned in. composition school as well. But I also. know. if I just paid for private lessons. instead of going through everything. else, like I don't know what the equivalent is.

on the film side, but like I could have. walked away with the same thing been. paid a fifth overall. I mean, I don't. know if you if you would like the advice. that I was told instead of going to. skill film school, take out a personal. loan and make a film. So, I don't know. I think the I think the interest would. have been different. Well, the interest. would have been different. Hopefully the. cost would have been less, but I don't. know. You would have been It would have. been the first time you do it, so maybe. you would have ballooned the whole. thing. Who knows? I don't like that. advice. I would rather go do the grunt. work and like.

make those relationships and stuff. No, I mean, don't don't get me wrong. I. mean, the fact that film school was able. to be paid for, I think undergrad, sure. Do it. It was paid for. That's awesome. Then you went to grad school. That was. stupid cuz you borrowed for it. I would. have went and got some experience. even go to like AFI. AFI is one of the, you know, one of the. schools where it's like you get in, it's. like just the fact you went there, like. you met the connections that could like. get you. I there's certainly certain things that. depend, but the vast majority of the.

time in any study that's been done on. the topic shows that people with the. same degrees from any institutions end. up making the same. But there are very. select instances and if that might be I. can't speak on it, so maybe, but. whatever. I'm just trying to think what. the minimum monthly payment for this is. probably going to be. I think it's going. to be about 650 bucks a month, maybe. It's uh Oh, for student loans or for. that personal loan? student loans. Oh, yeah. They called me. up once and said it was going to be like. 500 something. They Well, they said 500.

something? Yeah, but this was like a. lady over the phone like 2 years ago in. the middle of the pandemic. Well, I. guess it depends also on like what kind. of repayment you have. Is it on the. traditional or did you set up in a. different way? It's a. uh. I think a part of me had a hunch that. like the. you know, pay a couple of bucks a month. plan was going to be the worst idea. ever. So, I had a hunch and I uh went. with like a 10-year program because I. just didn't like the idea of being like. 60 and still paying the student loan.

Just didn't sit right with me. So, yeah, it's like some deal where like. they're going to start with like 500. something, but then within 8 years it's. going to be like. way more. Um No. No, we're not doing that. That's. stupid. Okay. The way you're going to do. it. as a big boy. Mhm. is you're just going to be like no, we're just going to actually do the. traditional. even it out across the 10 years and. that's what you're going to do starting.

in August. So, it's still 10 years. though? How's that How's that pan out? Well, the way that they have done it for. you, I don't know what that what that. one's called, but they're clearly doing. it in a way where it's 10 years, yes, but instead Okay. Well, let me let me. figure out. One second. 10 years. It's going to be like a ghost that says. boo 8 years from now. Yeah. So, in the one you're going to do and what. it should be the traditional 10-year. about 655.

So, I think it's pretty close to what I. said, isn't it? What did I say? I think I said 655. 600 and some change, yeah. Okay. Um. yeah, you're getting pretty good at. guessing that. So, what they're going to do is they're. going to have like $500 for now and then. it's going to be like $800 towards the. end just so that it pays it off in the. same amount, which is stupid. Don't do. that. That's dumb. Let's just do 655 cuz. we're actually going to do it in a. different way more than that anyway. But, call them back and get that set up cuz. no, let's not be stupid about it. Let's.

not overcomplicate it. This is going to. be 655 till it's paid off. Might be a. little more if the interest is higher. Might be a little less if the average. interest is lower. Okay. Well, I bet that checking account. balance is different now though that. you've paid cuz I see here 15,133, but I assume some of that was the $9,000. that came back. Yeah, also I think the way Capital One. structures their statements is it has. Oh, wait, never mind. Oh, yeah, see, it.

has the all accounts thing. But yeah, this 15,000. Yeah, that was the account that I put. the loan in. Yes, you were correct, sir. And then the one with $0 in it, I opened. up a new account to where the plan was. whatever I earned off the camera or. whatever I saw uh. siphon from my income, I was going to. put into this account to specifically. Yeah, but none of that's happening. anymore because I repaid most of the. loan and I'm just going to have to. siphon the rest from my income, you know. what I mean? Pull out your phone. Pull out your phone. Oh, pull out the.

phone. I think you're. And tell me what's in your checking. account right now. Honestly, I don't know what you'd be mad. at more, last month's or this month's. But yeah, let me open this. Hold on. Okay, so this account was the one that. had the loan in it. Whoopsies. Cuz I was trying to keep it separate. from my um But that money's available. That money's straight up available? What. money is it? 894? That is my uh my taxes.

Good. I'm glad you're doing that. Don't. put it in checking. Let's put it in a. high yield though. What's the rate. you're getting on this 360 performance. savings, you know? Of which you have. $3,000 in, which I'm happy. Um I want to say it was like 3 and 1/2. 3.5 somewhere in that ballpark. I know. you usually recommend uh SoFi. That's. new cuz the rates went up and they have. bonuses when you sign on. But. absolutely, yeah, I have that link to. get the bonus in the description because. everyone should be getting 4.3% or. higher. Open that again. Okay.

I need to see what's in these uh So, in. your regular checking of which we saw. $15,000. Not even close. It was like. 1,500, right? In your checking? In your. regular. My regular checking? This one right. here? Okay, so 1,862. That's because I just. got paid yesterday. So, it's usually. less? No. Um. it's it's usually in this ballpark. between like 1,800. and. this what's this other checking 360.

checking 200 bucks? What's the point? That was the one that was going to. siphon the loan repayment. I'm happy. with the 3,158 in uh. uh savings even though the yield's a. little lower than we'd like to see. I'm. happy with that. Yes. What is that? Just. try to get you an emergency fund type. situation? Oh, no. You're going to love. the story about my emergency fund. Um. I have $12,000. in an emergency fund and uh.

Shout out to Madeline, my financial. advisor that I just found out does. financial advising. I just found out out. the other day. Um. I bought a CD with a 5.08%. APY and put $12,000 in that to which uh. in my meeting with her last week, she. yelled at me for doing that. Okay. Where is it now? It's in that CD. Uh it's 4 months and I. already followed her advice and once the. 4 months is up, it's going to come right.

back to me. Okay. So, you have an additional 12,000 on top. of that 3,000 we saw? Yes. Okay. And. that 12,000 is. When's that 4 months done? Hm? When's. that 4 months done? Uh like September, I think. It's fine. September August. 4.3 in high yield like may as well just. keep it there, dude. Yeah. I uh yeah, no uh. you might. have fun explaining to the audience, but. like uh she explained to me that a CD is.

a terrible place to keep an emergency. fund cuz if an emergency arises, she. Exactly. You want your emergency fund to. be accessible at all times. So, just put. it in a high yield. Now, in the 360 checking Oh, that was. just the the whatever checking. So, that. doesn't matter. Things were just. Yeah, it's the loan and transfer back. and forth. Nothing really happened in. here. Now, in the regular checking uh Patreon. membership Yes. Mine? Hm? Mine? I think. Mhm.

Is it. more than one. Mhm. Okay. I am a patron. of the arts. Creative Cloud makes sense. What you need to do since you're 1099, you need to create a little LLC on the. side. Have some business checking. How. we get that 30% tax down so you pay. less? You're going to be writing off. stuff. Should be uh writing off that. Adobe Cloud. I do have the Keeper app, which lets me. write off stuff and I was able to write. off stuff last year. I don't know if you. have the tax return that I sent you, but. um. but I did write off some stuff last year. and I'm writing off stuff this year. Come to find out though, an LLC would.

have probably been a wiser way of. Yeah, easier pass-through and. everything. Then we're not 300 bucks. You know. what that one uh Vidivo Vidivo? 24. bucks. Stock footage. Okay. Again, write-offable. So, and Google storage. probably write that off. Roku for AMC Networks. Um well, I was on Interview with the. Vampire and they wouldn't like, you. know, let me watch it for free. So, I. had to pay them. Okay. Okay. Fine. Then the performance savings, yeah, that's where we saw.

12,000. So, big movement there. So, okay. Okay. Cool. A lot of this stuff is just. write-offable. Good. And then everything. else is just like transfers back and. forth. Now, on this credit card, do you ever hold. balances over or do you pay them off? I. pay them off every month. That's what I was seeing. So, I'm happy. to see that. I have a perfect payment. history. um and then I forgot what the other. important things were. Um Utilization's. a big one. Utilization Oh, Derogatory. marks and I don't have derogatories. My.

uh utilization is usually between 9 and. 11%. But you paid off every time, so it. doesn't really matter. Pay off every time, yeah. Okay. It's. just got a CLI, so that's great. $1,412. for purchase though. Yes. What we doing here? We had a Klarna. thing. What are you Klarna-ing? Do you even know? I know I I wait I. um. 53 bucks a payment? What are you. Klarna-ing? Oh, yeah, I remember this one now. Um.

to spoil a surprise, um I was concert. tickets. They were concert tickets. Uh surprise to my girlfriend with. concert tickets. Oh, is she watching this? Probably. You better tell her before 2. days from now. Cuz our backlog is very minimal. Uh. Wayfair, we probably don't need to be. doing that. Whatever that furniture was. Again, Klarna and B&H Photo. Was it the $1,000? Mhm. That's the lens. Okay, well, at.

least you can write that off. Well, that was the big purchase of that. Honestly, I when I look at my cuz I got. Rocket Money, right? When I look at the. when I look at my pie chart at the end. of every month, usually the thing that. gets me over. is. it's the fact that I'm like spending. money on gear and I guess I'm not. saving in the most adequate way to. sustain those gear purchases. things back into the business, but with. where the majority of your money is.

coming from the business, you're not. making more or getting this equipment. Yeah. So, it's like it doesn't make. sense. I don't know. And then on this. other card, $506 of purchases. Again, I'm good with I mean, tax write. the tax write-off part's nice, but okay. And here, Everyplate Everyplate. Everyplate CC Bill. What's CC Bill? Um I think that was like another like. artist or what have you or I was just. like buying crap from them. yourself money before you give them. money going forward. Including if that's my Patreon.

I'd rather you get out of debt first. And I. stock Okay, again, want to do maybe a. business credit card cuz you've shown. that you are a credit card person. I'm. happy to see that. So, congratulations. So blessed. Uh you paid it off, you never missed a. payment, and good. So, but something. business credit card, do things pass. through LLC, easier just tracking every. everything, and uh you can reduce your. taxable income as well. Hulu, don't need.

that. Google Mealtime, Everyplate. You. know what's funny? I tried to cancel. Mealtime, and it just won't go away. It's like a. We'll report it. It's on a credit report. Report it. Okay. Everyplate, Spotify, Netflix. Mods. extreme. gaming. What are we looking at? What are we looking at? Oh, Nexus mods. Yeah, Nexus. Oh, Nexus. I read that as. Netflix. You you you play games? Do you play Skyrim? No. Oh. I did.

But it's also been out for like 15. years. Yeah, it still has a big modding. scene. So, I use uh Nexus uh. I download like entire mod packs with. like thousands of mods. And with the. membership, I can download it in like 20. minutes instead of like 20 hours. Right now, I don't know. And Patreon. again, and then the Rock and Roll money. were good. I approve that. Good, worth. it. Everyplate, Everyplate, Everyplate. We could be doing more affordable.

versions of food, but. Sometimes I wish you had a thing where. you could let a you could look at like 6. months of our statements, so then you. could see all the terrible decisions I. made during Mardi Gras. Well, I'm glad. it wasn't this month. I. I just like to look at 1 month because I. just I think it. can reflect well. Um. plus it's just easier. But either way, okay, $225 on another card spent in. here, Life Storage, and Bachi.

BCBS. of LA. Um let's see. Bachi Bachi I want to say. was a Vietnamese joint. Uh B BCBS, uh. Blue Shield Blue Cross, that's my health. insurance, which. I don't know. They kind of suck. I don't. know why I'm paying health insurance. Health insurance you should have. Whether it's that, I don't know. Then. $1,300 spent on another card. So, already we're going to we're.

spending a lot of money even if some of. it's tax deductible. You're like, what. income is there to deduct at this point? Oh, jeez. AMC online Why AMC, dude? It Oh, online? Okay, that that explains. it. I was thinking of like AMC Theaters. No, that is AMC Theaters. Ugh, gross. Go to a real movie theater. I do. I go to the Egyptian and the Broad. as well. I go to all of them. Okay. Well, AMC just sucks. I swear. It's just like the. It's. I'm trying to think of something that. doesn't insult a massive group of. people.

It's just trash. It's just loud children. throwing popcorn. It's just the crap. movie theater chain. Alamo Drafthouse, man. Well, we we don't have those. What? It's. You're You're one state away. Okay. have AMC, and then two local theaters, uh the Egyptian and the Broad. don't matter, but. usually usually um I know that the. Alamo's are on And then usually the. artsy crap that I like to see, nobody. goes see, so I have a wonderful time. It's super quiet. AMC online, trash.

Uber trip, trash. Uber trip, trash. Uber trip, trash. Starbucks. Wait, Starbucks? The go-to editor. Okay, again, write off. And McDonald's, and. Dad's Dinner, and Amazon, and Amazon, and Dad's Dinner, and Velvet Shoes, don't need that. And Savvy Shoes, and. Amazon, AMC online again, gross. Uno Filmmakers, maybe that's tax. deductible. And Uber trip, and Uber. trip, and Uno Filmmakers again, and.

Naya's Vending. So, the um Uber trip, McDonald's, Coca-Cola New Orleans, and. Uber trip. You know what's funny? I did see the. Coca-Cola one the other day, and I was. like, where the hell is Coca-Cola $5? I. don't get it. But either way, the story. behind the Uber trips was I. my car died a month and a half ago. And. so, in order to do anything, I had to. Uber everywhere. Okay, for temporary, I'm okay with that. Uh your insurance Yeah, car insurance. Yes. It didn't cover a rental?

I don't know. Did you try? I didn't even. know that's an option. That's a. That's a thing. if it's in the shop and depends on your. insurance. Oh, no, it wasn't in the. shop. It was dead. It was dead dead. It. was a dead car. It's dead for good, and I had to get a. new one. it? Um so, the mechanic told me that. like a day or two before it died, um I. guess coolant or water or something. started leaking into the oil and then. made it chocolate milk. And did.

Which kills it right away. And did insurance give you a payout? Have you even reported this? I mean, it's it was like a. 20-something-year-old car. I didn't know. that was a thing. know. It just It depends on the. situation. It depends on the situation. didn't know that was a thing. to It's good to at least pursue every. option possible. I didn't know these. were options. Well, it wasn't like a. wreck or anything, so I I don't know for. this either, but okay. Okay. And then we also do have an Edward. Jones, so we have $6,039. What is this?

A Roth IRA? Yes, Roth IRA. Good. You. clearly have not been maxing it out. And but we did a. what would at least be worth a year of. maxing out. You want to max it out. minimum $6,500 right now every year, and. that should go up with inflation. Yes. It's growth focused, medium to high. risk. Good with that. Let me try I'm. trying to figure out what it's in. Oh, American Global Growth Portfolio A and A. and allocation I don't I don't really.

even know. But I also have um. a Fidelity account brokerage account. with like ETFs and stuff. And at the. moment, it's valued at $1,700 and some. change. Okay. We're certainly behind for your. age for retirement. Uh but I'm way. behind? Well, yeah. I mean, you're behind from. day one at 18 if you have zero. Things. need to start contributing, but um. but I am happy that things have started. That's the good thing. Mhm. Things have. started. We can at least do things with.

that. And. we spent 54 bucks on gas, but then there. was Uber, and so we can't calculate your. gas bill off of that. Food and everything. I mean, before the. car died, my rule of thumb was I put in. 30 bucks regardless if it was a good. amount of gas or not. And then I just made $30 work. Okay. Well, honestly, most of your expenses. were business expenses, and then there. was other things. You don't go crazy. You don't go out to eat a lot or. anything. Like there was some bull. there. You have that meal delivery.

service. You have that meal delivery. service, looks like, so that takes up a. lot. So, the crazy thing about the meal. delivery service, uh because my dad was. trying to warn me against it, um. before I did that, um me and my. girlfriend would go grocery shopping, and pre-pandemic, our budget was like 90. bucks a week. Um post-pandemic, that same grocery list. became $150. Exact same grocery list. So, then we opted for the meal kit. thing, and then, you know, I'll cook. Um Yeah, and I'll cook. Mhm. The math.

doesn't necessarily. Mhm. Okay. Also it also depends where. and what you got, obviously. Some things. were hit. Like eggs weren't even just. hit fully from inflation. Eggs had like. one of the biggest avian flus we've had. as well. So, it's just the production of. eggs were drastically down. Mix that. with inflation, rough. So, but actually. eggs have started to come back down to. what would be normal with the inflation. that we've seen. Either way, $3,443 is what you spent on the cards, and that's not even including the.

checking account. And then what you have. after you set aside for taxes isn't much. to work with. So, I'm surprised we even. have gotten that much in retirement. I'm. surprised we've gotten to $15,000 in. savings. Yeah, I just have it automatically set. up. Why didn't you get the the the the. the the the the the the $10,000-plus. lens, camera, and everything from the. $15,000 in savings? Why didn't you do. that? Why did you go into debt for it? Well, that's the emergency fund. I don't Well, good. I'm glad you did. want to dip into the emergency fund. rather you take from savings than go. into debt though. I I don't want to dip.

into the emergency fund either. So, there was logic behind it. There was. logic behind it, but. And and then honestly, even when the car. died, I had the option to just drain the. fund and like fix the car. Yes, that would equate to emergency. But. a part of me was like, was it really an. emergency? You know what I mean? Yeah. Well, in most American cities that. are not walkable or pedestrian friendly. at all and require you to have a car, which is like the worst American tax for. the middle class and poor Americans, yeah, sometimes it is an emergency. What's your rent?

Uh so, the rent is. The rent is $300. What? And then I. consider uh that that LifeLock or. whatever, that storage unit, another. What's that? That was like 70-something. bucks. Why is your rent so cheap? Um my brother. bought the house that I was renting uh a. while ago. Okay. Sure. And I guess he just doesn't want to cash. flow. All right.

Uh. yeah, nice of him. Sure. What's your. What's your car situation now? Nothing? Um no, so I I got a Volvo V50 2008. hatchback. For how much? Um actually it was a. I guess interesting story but a family. friend was willing to give it to me if I. like paid for all the transfers and all. that crap. Mhm. But when it got to me um. some things were not up to date and so I. had to spend like a thousand bucks on. top of that to.

but no debt. No debt. All cash. own it? Own it all cash, yeah. Beautiful. That's good. Car insurance. monthly basis? I would say around 200 give or take. How much on gas usually? Well, this is a new car. I mean like new. to me car so I don't know like what that. number is going forward but. gut. But like on the Highlander. I was doing you know 30 bucks a week and. that and that was like whether it's full. or not I was just putting 30 bucks in. 100 bucks a month.

You drive a lot? Um yes and no. There's times where I'm. driving a lot and then times where I'm. not. So like if I'm on like a production. then yeah I'm driving a lot but if I'm. not and I'm just kind of working from. home with the client I got Well if. you're on production you're making more. because of it so that's okay. So we'll. just say 100 bucks. to keep us on an average. Now I'm giving. you for food 300 groceries. Is it just you? Uh no it's me and my girlfriend.

Does she contribute to the grocery. budget? Uh we try. What? We try. What does that mean? Um. Well like her thing was uh Does she make. money? Now she does, yes. Good. Okay, your. portion is $200 that you're allowed to. contribute to the overall grocery bill. Okay, cool. And what you're allowed to. contribute to the toilet paper bill and. other things that are necessary to keep. the house in order 75 is what you're. allowed to contribute to the pile. She. can contribute more if she wants but. that's what you're allowed to. contribute. For sure.

What other minimum monthly expenses do. you have? Health insurance what's your. health insurance? That was like 80 something bucks a month. but when I signed up for for that. that's when I was making like I signed. So here's Affordable health care? Yeah I did like the Obamacare thing and. so I'm pretty sure when I signed on I. gave them a number that's lower than. what I'm making now because I couldn't. predict the future. qualify for it now. Yeah so I'm pretty. sure I'm going to get somehow and I. don't know where to go to fix that.

Well you should probably contact them. cuz I don't want you to get in terms of. owing back money. But we're going to. switch it to about a $300 a month health. care health insurance. It's probably what you should Now 250. bucks. It sucks just do it trust me it's worth. it. Trust me if anything happens it's. worth it, dude. I get that. I guess this is the part. where I get like confused and I always. ask everyone that I talk to about it. it's like okay well I'm paying for that. big health insurance and I'm putting. into like. um. you know the retirement and all that and.

so it's like all of this money is. getting siphoned away everywhere then. how do I save for like some of the. things that I you know need or want like. a house. to that. No we'll get to that. No we'll. get to that. Especially with with with you know the. the the you know. the grand danger that is coming that you. know winter is coming with these student. loans. We'll go through it. We'll we'll. go through it. Any other minimum monthly expense you. can think of? Um And by the way yes you could set. extra money aside for things you want.

without having health insurance. Mhm. Well then a medical thing happens and. you don't have it and then you're forced. to go hundreds of thousands of dollars. into debt and everything's So that's why. we have it. Yeah. No I know I get having health insurance. cuz it's just the one that I have kind. of sucks like it doesn't even cover my. meds. Yeah but it probably protects you. in case of a big expense. Look at it. shop around shop around you're going to. be shopping around I'm just putting $250. to give us an average for what I think. you would probably do. Mhm. Nothing else that you can think of? So.

with everything combined. your monthly bill Oh and then. your minimum monthly debt payments as. well. Yeah. 655 for the student loans starting. in just a couple months then 349. for that personal loan. So minimum. in order to survive and it could be less. depending on what that personal loan cuz. both statements show different things so. you just need to figure that out. Mhm. But 2,199 is what I have. So. what you're going to do.

if there is 3,165 dollars left on that. personal loan Mhm. you are going to cut. a check from your savings immediately. Well. what's in there 3,000? Uh the savings that's not in the CD yeah. about 3,000 and some change. Okay you're. going to cut a thousand from that and. you're going to put it towards that and. and then we're going to try to pay it. off beforehand anyway. Mhm. But we're. keeping at least 2,200 set aside for a. one month emergency fund. just in case anything happens lose your. job. lose your job. said though that CD that I have it's.

non-committal or something like that. It's non. Yeah you won't get the Well actually. Like they don't they don't come over if. I take the money now. I know you just. won't get. the interest. You won't get the winnings. Oh. But with what that interest rate is. compared to the 15% so you're right I. would take from that and I would. immediately pay off. the personal loan if it's at 3,165. Now if it's at that like 600 bucks or. whatever.

you know. then again there's some confusion around. it take from the savings you have now. pay that off immediately. Mhm. And then just pull from. the CD once it's up and you can walk. away with that interest. So. what we do from there? The student loans and how the math works. on this is anything that's above 4% Mhm. once that starts and you'll be able to. see the individual loans you're going to. pay them off as quick as you can. And. with the $5,000 you have on a minimum. amount of monthly So pay higher than the. minimum you're saying?

Uh well. Like if it's 400 pay 700, yeah. Well you lose $1,500 a month set aside. for taxes. So with that you have 1,500. So then 2,199 following my budget you. have $1,300 left. We're going to say half of the $61,000. is above it's a six. uh. is above six five 4%. So $30,000 let's say is above 4%. $30,000.

and yes you're just putting extra. towards that the extra $1,300 that you. have a month would take you 23 months. two years. Two years of living on a hard budget. But you're also working all the side. gigs you can anything anytime you are. not. working this job and you don't have. another film job you're doing like Uber. Eats you're doing or working at a coffee. shop like every other. aspiring film person being a waiter I. don't care you're doing something you're. bringing money and then work those extra.

jobs as much as you can bring in as much. money cut that down from two years to a. year and a half cut it down from a year. and a half to. one year. Pay off student loans Yeah the. student loans that are above 4%. Everything else is minimum monthly. payment. So again the personal loan's. gone at this point. Yeah. And now what. you can do is when your savings come. back when your savings comes back out of. the CD. of the $30,000 again we set $2,200 aside. everything else goes to paying off that. $30,000.

That is about four that is above 4% on. the interest. Student loans that are 4% or higher. I got lost at some somewhere in the. great I got lost. Okay so the 30,000 is the student loans. Well your student loans are 61,000 but. I'm guessing about 30,000 of them are. above 4%. Got you. Those are the ones. that we're attacking and you'll see them. individually laid out in your student. loans. Mhm. So we're going crazy by. taking the money that's from the CD as. long as we have $2,200 set aside. everything else is going to pay off the. personal loan and then paying off the.

higher interest student loans. Mhm. Now. you're doing that and because you're. putting some of the savings towards I. think it's going to take a year even if. you don't have extra money because you. do have a good chunk of money coming. from that CD. Work extra jobs make it nine months. then. Fine that's cool. Now what we're. doing from there. is we just include the minimum monthly. payments of the additional. 30,000 that are less than four 4% or. less. four four four five 4% or less and. that's going to be about $325.

a month. Put that in your needs category. Your. needs category you'll budget out at no. more than 50%. Make it less than 50% if. you can but no more than 50% so rent. and health insurance and your groceries. and toilet paper spending and gas of. which you might be able to deduct from. your business maybe work with a tax. expert on that and car insurance and all. this good stuff. and storage is in your 50% or less.

No more than 50% though. Mhm. And then. 20% of your income. minimum minimum. on a monthly basis Minimum. on a monthly basis $541.67. a month is going to your Roth IRA so you. max that out every year. Okay. Now what. you're going to do beyond that is put. the rest of the 20% in like a brokerage. or anything like that or put the rest of. the 20% all let's say.

up in that to 3,500 again so. $700 should be invested on a minimum. monthly basis so you have an extra 150. bucks there, right? Mhm. Yeah. That can go to save for a house. that can go to save for a new car that. can go to save for whatever you want. your savings or you could put it in a. brokerage just to have more money. invested in the market. Mhm. Now that other 30% you can spend on. fun. That being said. in my mind so that you can. know that you'll retire a millionaire I. do 20% on fun 30% on investing or saving.

for a house. You want to save for a. house take 10% from fun and put it. towards the house savings. Mhm. And that. way you'll get there in like 5 to 10. years for like a 10% 20% down payment. Okay. And then the fun spending, you can. put that on the stuff you want that you. mentioned about. So, you can totally get. it. Yes, money goes to side to things. like health insurance and uh retirement. savings. But, you should still have. about 20 to 30% of your income left over. once we're done with all these things. So, just put it where you want. And then.

just fun spending. And maybe that fun. spending is extra film stuff that you. can just write off anyway. So, okay. Sounds all well and good. Um. But, what I heard is. uh not getting a house for 5 to 10. years. Is that. You don't have to rush, dude. Why everyone wants to Everyone on the. show and anyone I come across, the. moment they get the idea that they want. to get a house, they feel like they have. to get a house immediately. Dude, it's a. asset. For many people, it's their. largest asset.

Which is not a good thing cuz people. should save up more in the stock market. anyway. But, in terms of their personal residence. But, dude, it's fine. It's totally fine if you get it when. you're 32. It's totally fine if you get. it when you're 35. It's totally fine if. you get it when you're 37. That's. putting you on the right tracks, though. If we're not getting a personal. residence till we're 50, okay. Then, you. know, I'm I'm taking it back a little. Or even our mid-40s. I'd want to get a. personal residence by at least 40, you.

know? You're totally okay. You're in a great. rent situation now. Take advantage of it. as long as you can. And save as much as. much money on the side as you can. This. $300 a month thing, dude, that makes it that you can go hustle go. go crazy for a bit. Then, if you go. crazy and pay off the high-interest. student loans and the personal loan, save up a fully funded emergency fund. again, which I forgot. I'm sorry. After. you pay off the high-interest student. loans and the and the. personal loan, you have to save up a. fully funded emergency fund. And then. you're allowed to do the 50/30/20 rule.

Mhm. You can't until you have a fully. funded emergency fund, which will be. about. in your current situation. 20,000. Yeah. Cuz you have to take care. of so many things like health insurance. and all that stuff. So, $15,000 save that up. And then you can do the 50/30/20. 50% on. needs, 30% on wants, 20% savings. But, you're at minimum maxing out the. Roth IRA. Okay. So, yes, you might have. to wait a bit for the house, but that's. okay. You're going to be on the right. track. You're going to be a millionaire. if you follow this. If you start getting.

weird and do like an FHA loan, and all. of a sudden your mortgage payment is. like 60% of your income, dude, we're. just going to be around and. you're not going to get to a place that. is healthy or good financially. Well, do you foresee me the possibility. of going to one of the major hubs. anytime. soon? Even if I was like renting or. something. about that goal. Where do you want to. go? To one of the major hubs. Okay. Sure. Sure. that's the thing. I've I've kind of been. on the fence about all of them. And up. End of the End of the mic. And if you. take. If you take this experience and you take.

it to a more expensive city, I would. like you to be doing what you're doing. now and making more money, which will. hopefully compensate for that. Now, those places are much more expensive if. we're talking like LA especially. So, you're probably going to have to do side. hustles and everything till you make it. What I would do. minimum before you move to one of those. hubs, personal loans gone and the higher. interest student loans, anything above. 4% is gone, and you have a fully funded. $20,000. Once you have that in a couple. years or so, because you have so much saved up now. that you can throw towards that, which. is awesome.

In a couple years, 1 and 1/2 to 2 years, yes, you can move to those. But, only. after you accomplish that. Now, because. life will be more expensive and you. probably won't make more money right. away, getting a house will take longer. But, if you can go make a lot more money. because of the experience you have and. because those industries demand more. money there, then heck yeah. Go for it. Then houses are a lot more. expensive. So, there's always costs and. gifts. But, yes, you could move there in. like a year and a half to 2 years, depending on how much you want to hustle. now. Hustle now and you can make it.

quicker. Yeah. If only the writer strike. was. not going. Oh, right. Yeah. Ease. I forgot to mention that earlier. Um. Now the writer strike hit. Yeah, that's. kind of why I'm in the situation with. the client that I have is um. I was fine like not having them as a. client, but then the writer strike. happened. So, then now I'm kind of like. on it. Yeah. I It's And actually, that. was one of the things I was going to ask. you like, "Hey, in your opinion, uh can I drop this client anytime soon?".

I kind of figured you would say that. Yeah. Not now. Until you have something. lined up. Yeah. You're allowed to take. more risk once these bad debts are gone. and you have a fully funded emergency. fund. Then you can take more risk like. moving to a different like going to the. hubs. We just can't do it now, man. Line. something else up if you want to. Yeah, for sure. But, not now. Now, I should be like that stand-up. comedian and be like, "I don't care. about the money." Do you remember that. guy? Mhm. I was watching his bit. They were kind of roasting him on. Reddit, but. it was this dude. He was like, "I'm. going to be a famous comedian." Oh.

Oh, on my show? Yeah. Oh, yes, yes, yes. I thought you were talking about just a. comedian in general. Yes, I remember. that. I forgot the guy's name. I'm. sorry, guy. But, um. Oh, what's on the tip of my tongue? Okay. He's cool, though. No, he seemed. like a really cool guy. And honestly, I. kind of wanted to come on and defend him. a little bit. I'll be like, "No, I. totally get his like No, I get the. logic. It's just wrong. Any final thoughts? Um. Those questions always put me on the. spot.

Uh I don't think I have any. final thoughts. Is there any room for any equipment at. any time? Um and. once you're done with all your bad debts. and have a fully funded emergency fund, then absolutely. Okay, fair. Fair. Fair. Then yeah, I guess that was the final. thought. Unless it's absolutely required for you. to do the thing that brings in income. But, don't justify. Yeah, don't don't take out a loan for a. a good eBay deal that wasn't a good eBay.

deal. So, for Dustin in his New Orleans Hammer. Financial Score, spending in a budget, this is I think one of the better ones. that we've seen in this category. He. doesn't go crazy, at least not in this. month when it comes to spending out. So, six out of 10 for that. There's still. too much spending for the situation, but. debt, not good, especially that stupid. personal loan. It's going to be a two. out of 10 there. Retirement, definitely. behind for the age, still something. Two. out of 10. Emergency fund, actually. quite pleased with where with where it.

is, not with where the money is in the. city cuz that's not an emergency fund, but six out of 10, not where it needs to. be, but still good progress on a lot of. it that has to be used for the debt. anyway. Real estate, eventually, as we talked about. Not now. Zero out of 10. Hammer Financial Score. for now, Dustin, three out of 10. Check out all the. resources that I use or would use were I. in a specific situation in the. description below like a very high-yield. savings account and getting a free $5. when you sign up for Acorns and other.

things like that like getting a better. paying job in tech like Course Careers. Don't forget to follow my Instagram and. Twitter. Thanks.