Veteran Trying To Escape Massive Debt | Financial Audit

my name's Thomas I'm 31 I'm from Dallas. Texas and this is financial audit what. do you do for a living. um I am actually a construction manager. for a telecommunications company okay so. I manage building cell phone towers all. throughout the country oh really okay so. you're traveling a lot then generally. yeah I travel. uh like next week I have to go all the. way out to West Texas for three or four. sites so nice and what are you bringing. in a year uh right now I bring in a. hundred thousand dollars hundred. thousand okay and on the side I also do.

auto detailing so that'll generally pull. in 20 25 000 extra a year. dang how many hours a week are you. working uh too many. yeah. it's usually. um I I designate like during the. weekdays um I'll do like small detail. portions so I'll do like uh you know. maybe an interior clean at night for. people but on the weekends I'll do full. details when I have off but I try not to. like kill myself on work yeah what I'm.

curious about mostly is I mean you're. making. good money you're working your butt off. but you do have a mess that you're. cleaning up and we'll get into that but. besides that unless that is the reason. why are you working so much oh man I I. filleted myself in in debt throughout my. 20s I was like that's not real money. doesn't matter and now I'm yeah I'm 31. and I woke up and I was like man my kids. aren't going to have anything to fall. back on if I die do you have kids I do I. have two two kids what are their ages uh.

one is ten and one is uh four now yeah. wow congratulations are you married uh. yeah yeah okay very cool oh and also. make sure you're subscribed because. we're trying to get to 250 000. subscribers and everyone who's. subscribed so far has been awesome. you're a subscriber absolutely I've been. I've been at it uh since the beginning. yeah so I love you you're the best thank. you uh very cool so trying to get out of. the mess that you built throughout the. 20s and doing it for your kids if. there's a motivator that is a good one.

yeah absolutely. um I just want my kids one day to to not. have to like go out on their own and be. like oh I don't have like parents that. can support themselves how do I what do. I do with them if they kill like can't. move or whatever one day if I'm in a. wheelchair I don't want my kids to have. to worry about that right yeah yeah the. responsible take I mean it was a little. controversial but I said on here like a. few weeks ago it's irresponsible for a. parent not to take care of themselves. for retirement and forcing their.

children to take care of them there's. nothing wrong with kids taking care of. their parents not at all but forcing. kids to do it yeah I woke up and I. thought it was extremely responsible of. me to uh to put that burden on somebody. else like they didn't choose to be here. I didn't they didn't choose to be. brought into a world and have to be. forced into something they're not. responsible for in the first place. that's a beautiful way to look at it I. like that yeah I want to hear from your. standpoint where you think your. financial situation is at what does it. look like today I'm like. the paperwork you have right now shows.

me like twelve thousand dollars uh left. over I'm at six now oh very good six. nine actually so a little almost seven. okay. um I think I think I'm doing pretty good. um I've paid I didn't start this until. October of last year start the cleanup. yeah so I started with uh 26 000. okay. uh and I'm at seven twenty six thousand. so what happened in the 20s in your 20s. well I could say that uh I so.

I'm gonna go back past my 20s sure I. grew up with extremely financially. illiterate parents classic American. Experience I think my dad had like six. cars loaned at one time he was making. like 200 Grand a year and was just like. I can afford it you know and so I never. got that Financial discipline put in. um. you know my mom's been very responsible. but they split up when I was a kid. um so I didn't ever have the the the. know-how to handle money or understand. like compounding interest or like.

investment accounts and nobody really. talked about it like my stepdad was like. you don't talk to our kids about money. is weird so. um you know I got out of high school. um and I joined the military. um when I joined uh you know I was. making more money than I'd ever seen in. my entire life so I was blowing it and. and getting loans on cars just doing. stupid stuff. um and then I moved across the country. got into cell phone towers.

um how long were you in the military uh. I was in a total of like like what was. it nine years wow what branch Army okay. I was in the Army. um I was National Guard for the. remainder of my my contract after I went. overseas okay. um but yeah we I did a. I was in the military super responsible. with my money got into towers made more. money than I made in the military. lifestyle inflation just you know I see. an apartment and I'd be like I can.

afford that because I I haven't made. under. um I haven't made under seventy thousand. dollars since I was 21. that's. incredible I like haven't made under. that haven't and now I'm to the point. where I haven't made under a hundred. thousand uh since I was like I don't. know 27. so. um it's just the industries that I've. chose to get into it's been pretty. pretty good but I've inflated my life. with those Industries yeah. um just got in a stupid car that you. know I'd get out of a debt and I'd be.

like nah I can go afford something else. so my stupidity caught up to me and I'd. hit real reality hit me in the face I. woke up. uh it was the end of October of last. year I woke up and I was like how am I. going to pay my rent like how do I. really it was that tight yeah I was like. I don't have any how do I not have any. money and uh. I was like my like. so I got on Facebook and I was like I. will detail whoever's car whoever wants. it and uh.

uh I had people come for full details. um did full interior strip took out the. seats uh made three 400 bucks off of. each detail I did for about two weeks. straight. um and then I just kind of started doing. it part time throughout so tank dude. that's incredible now you've made some. good progress and we'll get into that. debt and yeah it's a debt it's progress. but it's some of this is luck like just. pure you think so oh yeah like what my. car uh I would I would twenty six.

thousand dollars on it it was a ten and. a half percent interest. um I hit a deer uh in November going to. Alabama to visit family. um totaled my car just I mean wrecked it. okay gap insurance paid it off yeah so. that brought it down to 12. um I got laid off from my job in January. they gave me a severance I took that. whole Severance plus some extra stuff. yeah January this year I got laid off. okay well it's barely February what are. you what's your situation now um.

employed you're employed I had a job I. got fired out on Monday at a job or I. got fired on a Friday had a job on. Monday what was the old job same thing. same thing just different Company. competitor yeah and the the wage that. you said at the beginning that's your. wage yeah did you go actually down okay. I was at 90 with bonuses there so I was. making 100 110. I came here they paid me. 100 straight with bonuses wow okay how. do you okay I'm curious about this one. so you don't have a college right I've.

never how do you get into this cell. phone. um tower building industry because this. makes killer money and people are like. desperately trying to figure out how to. crack six figures and you're over here. just like yeah I'm just gonna do it. um I well I think the military helped me. I had a lot of privilege on that side I. did telecommunications and Military. um okay but I've worked with plenty of. guys that have never stepped foot on. anything knows anything about. telecommunications. um really just apply man you look up. Tower technician jobs that's what I did.

I looked up Tower technician jobs I. found one in Little Rock Arkansas I was. living in Alabama at the time. um and they they called me or like are. you afraid of heights and I was like nah. not even a little and uh they they were. like all right we'll see you here on. January 14th of 2014 and uh I showed up. they handed me a 700 check and said get. in the truck you're going to this place. go climb towers do you think they're. jobs that people don't want to do this. yeah I don't think anybody wants to. climb do they have a hard time hiring.

people uh not necessarily no a lot of. people try it and it's not for them oh. it's it's labor intensive. um I have to do a lot of like physics. calculations and stuff what I do like. um load line pool Mass. um worrying about like something's rated. for a thousand pounds am I going over. yeah it's rated for. um but in the beginning man you're just. climbing and getting on the tower and. hanging out like it's interesting it's. interesting so it's if you're looking. for something to get you over that six. figure Mark and you're not afraid of.

heights yeah I'm terrified of hides I. started out at. um. I started at like 20 an hour yeah and I. was working 70 to 80 hours a week but a. lot of that was just sitting in the. truck driving to a site oh sure site you. work on the tower for a couple of hours. be done well go somewhere else. so all right well let's jump into these. monies so checking account this is we're. just looking at a singular month. statement for the checking account but. you started with 167 yeah that was.

that's scary that's the November. statement right oh so this well it. starts at the end of November and then. goes into December okay so the end of. November. um well I actually started the baby. steps in really okay I did the thousand. dollars in savings. um and then when I started with a. thousand dollars I was doing almost a. zero-based budget I kept I fluff money. in there you know 167 or whatever sure. to just like keep me padded from like. something awful happening like well yeah.

don't you have Auto Pace that just hit. yeah like Auto pays will hit and I'll. and I'm like I forgot about that one. last month you know so I'd like keep a. little buffer in there it's where I. don't pull from emergency at all. um but yeah I try and like zero stuff as. much as possible get as low as possible. sure you did end with a thousand so. that's definitely more comfortable than. 100 yeah so what's really interesting is. 9000 in which is great fantastic well. 9663 and then 8774 out so that money.

going out in your mind where is that. going how well are you tracking all this. um I think I tracked my my stuff fairly. well I'll lose satellite groceries okay. um like I said I got kids sometimes like. so you're not strictly budgeting I I am. I'm very strictly budgeting. um sometimes like food I'll. underestimate how much I'm actually. spending uh and then I'll just kind of. like pull it back to like oh I can kind. of fit this in. um but I. I think I go over like.

100 bucks sometimes on food you know. which not a killer I put a little bit of. buffer in there for me on that uh but I. we'll see in a minute I track my my. money pretty well. I want to take a brief moment to tell. you about something I love audiobooks as. someone who's always on the go. audiobooks have become an essential part. of my routine since I'm in car riddled. and traffic heavy Austin Texas I love. being able to listen to audiobooks while. stuck in bumper to bumper traffic and.

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you haven't encountered any overdraft. fees so that's good so what happens a. lot through here we have like apple. subscription and apple subscription lots. of you have a lot of subscriptions and. then you do have an expensive addiction. I can tell unless you're buying. something different from the vapors. Vapes you're going there like constantly. yeah November was a rough month I've. toned it down to like once a week now so. even that that's expensive I'm trying to. kill the Habit man it's super expensive. I get it that's a hard that's an.

insanely hard habit 27 bucks a hit you. know or a pot or whatever so that's. going all throughout here there's uh. Vapes and different smoke shops they're. also cash app you know a lot of money. and we have different subscriptions like. lots of Apple bills just constantly come. through. yeah those. um the Apple bills one of them is for. storage on uh an iPhone and then another. one uh I just canceled I I realized I. was getting hit with it and pulled that.

into my budget and uh I canceled what I. could off of them. um what the heck is racetrack that's a. gas station okay good I was like he's. going here constantly but I've never. heard of it I thought you were literally. going to like a racetrack no no it's it. if it's anything larger than like six. bucks uh it's just fuel for a vehicle oh. sure but if it's if it's like six bucks. like an energy drink I think I went like. four times in November I ran out of uh. ADHD medicine needed some caffeine oh oh.

wow yeah I know there's like a shortage. it's still still really bad bad that's. not good my uh my daughter has like. debilitating ADHD yeah huge shortage. like got in trouble at school constantly. that's insane yeah that's kind of. unacceptable that it's still a shortage. but yeah better fix that soon what. scared me happened a couple times in. just this month were transference from. savings into checking oh so the 190 80. right or 190 10 is that the 40n here 40.

in here 40 into saving to 40. out from. savings two checking so I I had that. strict thousand dollars yeah so when. that account will get above a thousand. dollars like I was automatically. deposited oh okay to get to it someone. would go above that I would pull that in. how quick did it get uh how quick did it. take you guys to get to the thousand. dollars is this you and your wife or is. this strictly you yeah right now it's. just me yeah okay she so she doesn't. work right now. um a couple like she's got a a couple of.

issues to prevent her from working okay. so. um that's totally fine is the overall. finances combined though yeah. everything's everything okay everything. you see in there's hours okay so so one. income household though yeah well two I. mean you bring in two incomes but yeah. uh from one person yeah so we also have. like. so this is your rent you pay rent. through Zillow yes they do uh they do a. setup to where you can pay it it charges. like a 9.95 fee but like it's much. faster than trying to send like a money.

order to my landlord. what is this place that you live in like. a three bedroom two bath uh uh what is. it geez how many square Place uh it's. like 1600. okay you have a really maybe. Dallas is just much more affordable it's. not uh I live like an hour and a half. away from my work I live like far north. side of Dallas well. 1479 yeah not bad it doesn't bother me. so like I kind of try and make. everything efficient for this like my my.

work is out of the way but the gym that. I go to is like on my way back home or. on my way to work so I don't ever drive. out to the gym unless I'm at like coming. home from work so I never waste fuel. through this sure sure what the heck is. creative Academy or Creative Learning. Academy because it is hundreds just. taken away that's my son's daycare oh. take it oh take your stupid expensive. yeah oh I hate the cost of child care. it's insane because honestly that's not.

that bad I have no service is not that. bad my friends are like we're paying 2. 000 a month and I'm like why why. how often does he get daycare uh every. day every single day or like every day. yeah uh off all full days you wow yeah. you I I do it I do it for his. um like educational benefit I do it yeah. which is great I'm just so surprised of. how cheap it is that you've gone super. cheap man I'm like I'm amazed I live in. a very uh.

it's not even up and coming it's like a. low end part of Dallas okay so it has. some benefits in that case right yeah. that's Apparently one of them because. wow and then again cashing out cash app. and out money Beyond Finance I did yeah. we'll get into that but yeah we're. making some payments and Susan Adams has. popped out a couple times that's uh my. doctor that's your doctor okay you have. to go to the doctor often. um I go like twice a month right now. okay well I go well no we go twice a.

month so that's my mind and my wife's. doctor okay so we do. um. a psychiatrist so we basically have to. get our meds refilled for oh okay you. know uh dang you have to go monthly. refills yeah because the ADHD medication. so that oh they have to prove that every. single month wow okay that's that's an. expensive way to yeah I mean 60 bucks. for per visit and insurance helped yeah. definitely either that or she's like 200. for each visit and cash out from out and.

things shipping out can I see that uh. this one yeah there's probably a good. excuse oh this one was actually in this. one was in you that's that's like. detailing and stuff oh good cash at me. for detail and again Vapor Maven Smoke. Center very expensive yeah um you know. what you know what kills me about that. too though is like I would get one and. it would be a dud and they would be like. we can't replace it so you gotta buy. another one oh dang I'm serious and.

YouTube premium. I don't know how anyone does I mean it's. the it's the best investment I made how. much stuff I've learned and like I can. just constantly listen to like knowledge. like these things like I've listened to. all of the money guy show Money guys. fantastic well they're they're wonderful. Brian Preston's one of the greatest. people and Bo makes the show perfect so. these guys are great. and again that Creative Learning Academy.

just pops up here in your racetracks. it's the gas which we know gotta gas is. fine uh you certainly spend a lot of. this because you're very far from work. and a lot of things so well back then it. was mainly like I was going to like. places to detail people's cars like. so I would I would fuel up with that. um but now I actually my uh my car that. I have got totaled so I don't have that. vehicle I drive I drive my company's. vehicle right okay so and then I'm not.

going to go through every single little. thing because there's a lot but it's. just repeat repeat actually only went. out to eat once and it was just. Whataburger for 60 62 cents right. through the free Whataburger when you. sign up man I forgot my lunch one day. and was like well I guess I'll use this. then we have another checking account. this one is so far I think you use so. far mostly for the savings because the. checking account's nothing yeah I I. don't even I used the checking account. one time uh I had a fridge that went out.

uh when I very first got my emergency. fund seems to be the way it goes. um I had to transfer into that uh to buy. the new fridge from Lowe's oh I wonder. what was that on is that 8.99 I don't I. don't know if it's on that statement. yeah wait. this is a rental unit Why do you own the. fridge uh my landlord didn't do a fridge. so he doesn't he needs a lot of no. fridge in there with no fridge no washer. dryer okay yeah so that's fine well. washer and dryer that that that is. definitely a hit or miss depending. especially if it's a home this is a home. right that's duplex yeah um so yeah I.

mean that can be hit or miss in terms of. pot. I think in Texas they have like the. right to do like whatever you know. probably but refrigerators I don't know. that's so so it went out and I was like. well I'll just get a cheap like two-door. one yeah it must have been because under. a thousand bucks for a refrigerated. these days I think it was only like 7.99. I don't know it was pretty cheap so well. that makes sense then I'd automatically. just I put a pause on paying stuff off. and got my savings back where it was so.

and then we do have the savings account. and this makes sense I was going to be. on you a little bit but you're following. you know classic. baby steps you're on number two yeah. well so I I I like I said I've watched. like all of your videos. um and I know you kind of like. on no not even I Pokemon prod you poking. prod on it the the thousand dollars yes. I don't I agree it's not enough but I. think it puts enough of a fire under my. to make me like I only have a thousand.

dollars I have to like hustle to get. this paid off as fast as possible. because this thousand dollars doesn't. save me at all that's the one part I. like about it I like two parts about it. one it shows someone that they can save. yeah that they can get to a thousand. dollars I love that part two lights to. 500 that's fantastic what I don't like. about it is it actually doesn't function. as an emergency phone it's not and it I. don't think that it's actually meant to. be maybe not I think but the thing is is. I've had two people already on this show. who tried to do the thousand dollar.

emergency fund and then as they were. paying off debt something popped up and. they got into a worse position than they. were previously because a thousand. dollars does nothing at 2023. but the. other the other thing that I I have to I. have to make myself like super conscious. of with a thousand dollars is like. that's never an option so I either find. a way to make this work which are a. thousand dollars or if I can't make it. work then I can go without it unless. it's something like catastrophic yeah. well exactly that's the thing what if. that car crash was worse yeah you know I.

mean and you know and the me luckily the. thousand dollars covers all my. deductibles. so yeah. I think that's what I was going to bring. up because well they they also mentioned. on the money guy show they're like. um you know a thousand dollars might be. great for someone who's like in their. 20s maybe early 30s or something but. they don't have any kids they don't have. family they don't have people they're. supporting and then they're like well I. don't know about just a thousand dollars. people who have support because you do. have three dependents right now. essentially because you know taking care.

of your wife and then taking care of the. two kids. if something crazy were to happen I'm. glad this at least covers deductibles. and that's what they recommend on the. money guys. a thousand dollars I don't know that. scares me but you're doing this in such. a good way and it's working for you on a. psychological level where I think this. you know. um from an outside perspective I would. be more comfortable with like 2500 but. it works for you and that's literally. all that matters in the end well and it. puts it like I said it puts me in a. position of like just having to be like. furious with what I'm doing like just.

calculating how many ways I can get. stuff paid off and as fast as possible. and I like the feeling of force scarcity. sure so like for scarcity has made me. scared to be without you know what I. mean like like not paying something down. constantly yeah again I love the. psychological part of the a thousand. dollars but now we live in a world where. Global pandemics yeah oh that would kick. in my teeth man like if we went through. another covet I'd kick in my teeth yeah. so uh just you know changing World gotta.

adapt but. thousand dollars that's the same forever. but do you have it there it's good money. goes in money goes out just so you can. stay at the thousand dollars. everything's going to attacking the. deaths yeah any any transfers off of. that. um were all hit like it went 190 over. that 190 would go out automatically go. to what we're about to hit so yeah. speaking of what we're about to hit. it's the dense so what is this Beyond uh.

it's a consolidation company uh what are. you consolidating. um like credit cards and stuff and like. they I'm gonna just preface this go for. it they're a terrible idea don't get. into them consolidations uh it's not. even a consolidation what they are is. like I I don't know it's a settlement. settlement program not a consolidation. so what they do is they say like oh just. don't pay your debts and then what we're. gonna do what we're gonna do is once you. don't pay them and they get so. delinquent that we're gonna we're gonna. work with them to pay them off while you. put money into the savings account just.

do it yourself I wouldn't trust that it. was it was such a bad idea but like I. was desperate it sounds good in the. moment right yeah in the moment you're. like oh that's pretty cool man but then. what you have to think about is they're. charging you like a 15 to 20 fee for. each debt they pay off so the hundred. and like let's say 50 I'm putting in uh. if they pay off 150 debt they're taking. 20 off the top of that already so I'm. not actually paying off that debt until. I make two payments into that account. and there's still accounts to be settled. yeah um the I believe Convergent.

Outsourcing was just settled. um or whichever one the yeah converge. and Outsourcing. um so I'm down to like two more things. left on that. um but what they did was they had this. and then they rolled it into the above. loan so they did they have the above. loan that they're working with so so. what is this total at now that you're. going to owe. uh so it started out left I have 6 980.

dollars. at 23.3 interest baby what's up. dude not a good time. and and that's the thing is I I so yeah. whoa whoa wait say the number again. 23.3 no say the total balance. 6980 oh okay oh I thought I heard. something wrong for a second I thought. you said 69 000 per second hour. and I was like 23 interest rate.

yeah the 23.3 kind of killed me. because for a second I was like oh is he. against Consolidated because in general. consolidations can be good depending on. the situation right uh sometimes you. know the snowball method work sometimes. the Avalanche method works sometimes. just consolidating depending where the. interest rates are and where the amounts. are and everything it works. but usually people consolidate until. like 11 right right yeah no but that's. the thing is all of this stuff was. already accumulating like 29 interest. besides like the 4 000 in the 3500 we're.

getting to see why didn't you consider. just a standard consolidation was your. uh yeah I got like a 577 score right now. dude okay that's because he just went. into like oh dude I was bananas in my. 20s young dumb and full of completely. stupid decisions absolutely yeah it's a. like I said man it I got I got kicked in. the mouth in October and I was like oh. never again so I'm so glad that wake up. call happened and I'm. oh even if it was just so recent yeah in.

the grand scheme of things I'm just so. glad it happened. and it's only 99 oh bi-weekly so so. really it was it was originally 153 so. what happened is I got this settlement. and they offered me a loan off of it so. the next page of that is the above loan. which started out at fourteen thousand. and three dollars. um and I was like I got on the internet. and I was like okay if I do uh. x amount of payments like so I was when.

I originally started this loan that 190. you see kept coming out of my savings. that was automatically put in from my. employer uh on the on the savings. account so I was my payment was 190. dollars well I got paid weekly at that. job so I would say. I can make because I already spoke for. that money I said this money doesn't. exist to me 190 191.80 doesn't exist so. what I'm gonna do with that money is. because I already have my thousand. dollar savings account I'm gonna take. that 190 dollars every week and just pay.

it towards that loan and so that 190. dollars plus the uh the other 190. payment that already comes out. automatically would make it 1140 I was. paying a month so it decreased me doing. it that way decreased the interest down. to like I don't know like I was only. going to pay like three grand in. interest yeah but. lost that job yeah started this job and. now I have like more monies way more.

money so I have like four thousand. dollars left over every month after all. my bills are paid that's incredible so. uh so there's no reason this isn't gone. this is gone this is gone. um if I get a couple of details in this. is gone this month oh yeah like this is. gone those side hustles yeah this has. gone like February 25th that's. incredible and I looked at the. amortization schedule of it and I'll. have only paid uh it's like 360 in. interest that's incredible the loan just. started in in January and what was the.

total at that point uh when it started. fourteen thousand three wow okay so yeah. great progress so far and it's going to. be gone whoo how's it going to feel. getting all this off oh dude I'm gonna. I'm gonna like throw a party yeah I'm. gonna I'm gonna like go to Chuck E. cheese and like playing the ball pit. yeah. so uh I've I've just been. vigorously attacking it well I'm glad I. don't have to yell about this because. usually I have to yell at someone. because they don't have it through their. head just how bad this is but you. already know which is great I so it was.

funny because I got an argument with the. lady the Len The Lending lady okay she. was like we're gonna offer you this loan. and it's gonna be 23.3 interest but all. of your debts will get paid off in two. months and I was like that's super cool. but that's 23.3 interest and then I. started doing the math in my head and I. was like if I make six payments on this. every month which I was able to if I. make six payments on this that's. automatically reducing a five-year loan. to a one-year loan with six payments and. then I got I got very fortunate that I.

lost my last job honestly because they. paid me like a three thousand dollar. Severance and then I I got my check at. the same time I got that Severance and I. had two thousand dollars left over and I. was like cool five thousand dollars. straight at this loan so. um I'm curious if you were following the. Ramsey plan why didn't you just because. these balances weren't super huge. released on the ones that I'm seeing. here why didn't you just like pay off. the 384 one the dude desperations of. stinky cologne yeah so actually what's. funny is all these debts you see on here. there's nine of those missing yeah I.

assume there's there's nine of those. missing because it originally started. out at like eighteen thousand dollars in. debt right and I paid off uh like seven. Grand of it. I'm sorry it was uh it was four grand of. it is above different above is a loan. for that so so basically it started out. they were like we're gonna settle you. just putting money into a savings. account and then they were like oh we'll. give you this loan oh that's what it was. I see yeah so 1990 190 then boom 1300.

1900 okay yeah so if uh. and this is the same thing yeah come on. if I pull this out real quick oh go for. it to uh that's the total right now. 667.39 very nice so I just hit a five. thousand dollar payment. oh that's awesome yeah that's incredible. so sucks to see five thousand dollars go. away but I don't know nobody's already. spoken for man exactly well I'm glad. you're able to look at it like that. I think uh and I don't think I would.

have gotten dragged into this uh but. desperation's a stinky cologne yeah you. know so you're desperate to like make. something make sense. yeah so. then is this something different yes. this is your car yeah we have something. financed some car. that was a Kia Sorrento dude at 10 and a. half percent was was the one that got. totaled oh yeah thing doesn't exist I. sent this to you before it was totaled. oh really yeah it got totaled and uh Gap. kicked in so it killed 26 000 in debt oh.

that's crazy and originally what I was. gonna do with that five thousand dollars. was buy another car yeah um but I said. oh I can wait a couple of months and. just save up after I had my debt paid. off you have this now would you have. just sold it to get rid of it uh I would. have paid off. because it was worth like 19 so I would. have paid off like six thousand six. thousand but you have the same driving. situation now that you have done right. the car or no did you get a company car. with the previous company I've always. had a company car I've never been with.

that one okay so it's almost uh I I've. usually had that just in case like. something happens with my kids yeah. um but now I have such a flexible like. schedule to where I can be like I just. need to go home and they'll let me so I. don't really have any situations to pop. up but in that situation if we were here. right now would you have sold that paid. off the six thousand dollars yeah that. was that was the exact conversation we. were gonna sell that uh I was gonna get. it down to uh probably 17. I was gonna. try and get it down like 17 have two.

grand extra left over hold that money. back and then uh save up a little bit. for like three or four thousand dollar. car which is doable. yes it is insanely doable uh look I. drove because I tried this once I tried. to get out of that thing once and uh I. sold a car and I actually I filed for. bankruptcy and then bought a cash car oh. wow well that speaks for the 500 credit. score yeah. um which I was like I don't know four or. five years ago so it's been a little. while. um but I bought a uh Nissan uh.

Maxima I bought a Nissan Maxim it was. like a 1990s Nissan Maxima okay I had. like I don't know 150 000 miles on it. that thing lasted me like two years man. and I it was a five speed I drove that. thing like I mean I think that a lot of. people are more worried about looking. poor than sure being poor you know like. and that was part of my like illusion. here was like oh I have a nice car so. I'm I have money but that thing was 6.75.

a month dude that was 675 a month plus. the 229 dollars for insurance I was. paying almost a thousand dollars in a. car I was so car broke it wasn't even. funny yeah you know so in the long term. was pretty long yeah it was 72 months I. think 75 yeah yeah so something you just. said made me nervous though what's that. you got out of debt previously right or. attempted to at least. so what made you go back and go back. into debt. um I actually had a really bad uh.

uh my my wife she had a really bad. um divorce previously and the guy. drugged her like through the dirt with. with uh getting custody of their kids. um and when it happened uh I had some. savings built up I had like 12 Grand in. savings built up and to pay the lawyer I. helped pay for it. um and. just you know I back then I didn't have. the whereabouts to be like this isn't an. option like that's not an option.

um. and and I like I knew at some point that. conversation would come up and it would. be like that makes me nervous it makes. me nervous um but I have I didn't have. an understanding of money back then yeah. um I didn't have an understanding of. like interest rates I was like oh. interest rates don't matter you know and. that that was a part of the the the the. psychological problem with like Dave. Ramsey right is he'll be like interest. rates don't matter and you're like that. that's the thing that sticks in your. head not the like interest rates don't.

matter because you're paying this down. it's the interest rates don't matter. yeah so that would get stuck in your. head if you weren't fully on board with. it yeah. um but now after watching like you the. money guy. um I I have such a better understanding. of money that I I will never allow. myself to be in this strapped of a. situation again yeah good because it's. yeah that was this car thing I'm glad we. don't have to talk about it but it's bad. it was really bad yeah I was uh I was.

like biting my nails about it man I was. like freaking out like how am I gonna. pay this thing off it's 26 that I'm. gonna be in this for like two years and. uh I got I got super fortunate so is. there any company match or anything for. 401ks uh no that's actually something I. wanted to talk to you about okay um so. my company doesn't do any matches this. is pretty Mom and Pop Shop. um. so they don't do any 401K company match. um what I was thinking about was just. dropping into like a vtsax like the the. global market fund for Vanguard or like.

a s p index fund and just you know. supplying that myself and I know like. nothing beats 100 match but like if they. don't offer it they don't offer it I. have like four grand left over each. month to throw at something so yeah well. I mean okay so certainly not investing. advice I'm definitely more S P 500 base. um and you know you can do things like. mutual funds as well but you know right. uh either way I'm just trying to get 10. or higher when it comes to historical. track records.

obviously. we're probably not doing that now. because that 25 interest rate will. always be 10 yeah I I I'm not even. thinking about investing right now uh it. sits in the back of my head like where. do I need to put my money when it does. come up because it's going to start very. soon with the way you're just tackling. this thing oh it's gonna it'll I think. like March or April it'll start what. does your retirement situation look like. do you have anything anywhere oh dude. nothing I got nothing do you get. anything from the military uh I get uh I. get VA disability okay yeah it's like.

642 dollars a month okay so nothing too. crazy but I'm gonna I'm literally gonna. take that and it's gonna get thrown into. Investments as well so well let's do. some maths then I think that my number I. have to hit is like 1300 a month to. retire with like 3.3 million is that. what you want 3.3 million I think 3.3. would become 3.3 in future years money. or in today's winning uh future years. money okay so. I mean well I guess today's money. technically are you gonna follow the. three percent rule taking three percent. out to let it maintain if not.

potentially grow as well I think. um yeah I'm gonna either do three or. four. um I know that. um on the money guy side they say four. percent I'm not looking for something. that's good you'll definitely have uh. depending if a priority is making sure. you're passing on the full pile or even. a higher pile three percent uh you know. helps with that but four percent is okay. as well right yeah I think I think uh. 3.3 would allow me because I'm calling. it I'm dying I'm dying at 74 man okay.

74. so I only need it for a couple years. uh. nah. um I think 3.3 would be comfy I but I. mean I'm really looking to throw like as. much money as possible into retirement. when do you want to retire what age I'm. not I'm gonna go to 65 man whatever I. like what I do I like my job so you're. gone 30 years you're well. you're 31. okay so I don't know if I said 30 in the. intro.

um. my birthday was in December I'm. terrified of 30. you know it's uh. I feel better at 30. yeah yeah man I. feel uh. I feel uh. better about my brain than you know in. the 20s you're you're still kind of. processing what life's supposed to be. like in your 30s you're kind of like oh. it's all good. everything's fine you know this is the.

path I'm on now come to terms with it I. like the way you look at things. and you you guessed that you you guessed. like a thousand uh I think like 14 or 16. is what I have to put in for 3.3. in futures money Pages money for 34. years I don't really know what that. means uh oh sorry sorry let me just say. that in a weird way that like made sense. in my head but future I mean I don't. know like in terms of like that's what. it's actually going to be or is that. what you want it to be worth in today's.

money. um I want it to be worth that in like. today's money so 3.3 in today's money. okay so I'm gonna then we're gonna think. with inflation unless we're just doing. I'm for simplicity's sake I'm just doing. like S P 500 average returns which is. just over 10 but it's like 10.25 or. something like that yeah and of course. you can beat that with CERN. [Music]. mutual funds usually the ones that beat. that they have like high fees and yeah. crap I was gonna come on here and mess.

with you and be like yeah I'm a crypto. bro and like when you said what do you. do for a living I was gonna be like I'm. an inspiring actor and model and a. crypto bro yeah. and just like watch your head explode. but I don't know yeah I've heard enough. at this point so three point why 3.3 by. the way uh I I think that's what I can. withdraw to withdraw uh a hundred. thousand dollars for a pretty long time. into like I don't know 85 or something. like that.

my math could be wrong I don't know man. 132 000. yeah a year with four percent. that's four percent yeah that's what I. that's what I calculated it for but I. don't know is it what how much is it. saying I have to put in is it 15 or 16. oh. well taking account at like three. percent inflation like two thousand two. thousand I can do that you can I mean. that would be my bills aren't that high. this is taking in well like three.

percent information I think the average. technically since like. we went off gold has been four percent. just under four percent inflation yeah. but the average until you know just. recently but the average for the last. like 40 decade four decades maybe five. decades four decades has been closer to. two three percent yeah so usually we. seem to have better control over Intel. just recently so I typically like to. guesstimate around three until we retire.

but well I think that I think that like. a lot of people have short-term memory. yes when it comes to things and like. people are like oh interest they're uh. uh it's inflation's so bad it's like. it's bad right now but we just got. through such a like globally polarizing. time yeah uh of course inflation went up. like we have you know manufacturing that. has to revamp hiring that has to happen. again like every the money supply went. wild as well yeah it went crazy so. um I think that.

generally. um we we should have a good a good hold. on it and maybe maybe by the time I. retire we'll be through another Global. pandemic and all yeah sure why not yeah. why not man I'll see I'll figure it out. with my millions are you going to. continue doing the side Hustle. so with this job I'm a little more. strapped for time but I have. almost the same cash flow is what I did. with the side hustle like.

um because my employer kind of pays me. in a weird way okay so are we thinking. more once the debt has gone hundred. thousand dollars I'm so comfy at a. hundred thousand like I and I wish that. this is something because I have like. friends that are like oh man you gotta. have debt and I wish this was something. people people think that and I wish this. was something people would understand is. like my payments whenever my debt is. gone is only like twenty two hundred. dollars a month to like pay for. businesses yeah uh rent.

um it's only 2200 a month so like yeah. you're in a great rent situation I'm in. a great rent situation I have I have a. company vehicle you know but like you'll. want to buy a home I'm assuming yeah. that's that's actually it's like the. next five seven years I'm Not Really. Gonna I'm gonna start throwing some. money back into a high yield savings. um I don't know if I'm gonna go to the. 20. um because I get VA loan which doesn't. accrue PMI okay um right so I'll. probably still go like five percent down. at least have some equity in the house.

starting. um but yeah I think uh probably five. percent you know listening to other. shows they also you know first home. three five ten percent you can where a. lot of people fall trap into is just. then the monthly payment is. they get into a situation where the. monthly payment is well beyond like. thirty percent yeah I'm not I'm not. gonna hop in I'm looking at like 200 000. 225 000 yeah this is great I'm not. worried about it we live in completely.

different cities well the the city I. live in it's a very very small like a. excommunicated suburb of Dallas so like. yeah it's it's not uh in the uppity part. of Dallas which is like 500 000 houses. that are like 13 square feet 500 500 000. houses is the poverty version of Austin. yeah unfortunately but I had a homeless. guy yell at me on the way here because. he was in the road while I was driving. it was I don't know it's a cesspool over.

there so you bring in probably like 5. 800 after taxes without the car stuff my. my company pays me weird so I get I get. 50 000 salary fifty thousand dollars per. diem. so. fifty percent of my salary is tax free. yeah. um well how does it when does it come in. Liberty does it all come in together. though all of it comes in together okay. so I make what do you think it comes in.

a month after taxes after taxes uh I I. pull in what. 1775 96 times. two. that's thirty four hundred plus another. I make I'm trying to do the math in my. head and we're not good at it uh it's. like 7 700. oh okay yeah yeah. it's not a tax tax person but you're 100. sure you're doing that right when it. comes to look I'm not per diem and.

everything yeah okay you've sat down. someone so um it's it's the way that my. employer does it for everybody they have. a a guy that I guess they run it through. so. um I mean it I make so basically fifty. percent of my income is supposed to pay. for like living needs on the road and. stuff yeah but they pay such a because. everywhere I go I make per diem. regardless but they just pay a crazy. amount for per diem compared to other. places it's legal I looked into it okay.

I just wish I was a little more educated. on that I technically I technically make. fifty thousand dollars a year when it. comes to Deoxys but I actually make a. hundred grand total okay well with this. you'll easily be able to invest two. thousand dollars a month yeah and then. also save up money on the side for a. house and even with this I mean I. wouldn't. personally want to do any loss then. 1500. on a monthly basis in investments into. any kind of savings so yeah you're.

already above that yeah or will be I'm. gonna like because my emergency fund I. have to build that like immediately. after everything's paid off yes um I'm. gonna get it to about twenty four. thousand. um okay just have a good buffer zone I. don't know if uh and I'll probably still. keep contributing to it uh and not like. you probably don't need to go that high. but it's okay if you do yeah I mean I. know my expenses are low but I want to. have you know that's probably more like. a year worth of expenses almost. yeah so I'm ha I'd be happy with that.

definitely I think since you've missed. the best year of your life for comp or. best decade of your life for compound. growth time to catch up I know you know. it's time to it's time to catch up yeah. so I think going hard for like the next. decade saving up for retirement I think. would be fantastic for you although my. career projection is only up two sure. like I the hundred thousand dollars I'm. at like an entry level management. position for this like like going to a. project manager goes like 120 150 so and. that's probably within the next year and.

I would love to see your retirement. account when you hit 40 but yeah like. 300 000 oh yeah absolutely that's that's. that's the plan man like if I can I mean. because I'm still in the range to make. like one dollar turn into like I believe. 36 or 32 so I mean I'm just gonna I'm. gonna throw everything I can at it you. know you know. maybe we can make like a storm in a. castle throw everything I can uh well I. think you have a pretty good plan that's. laid out not too much I can help with uh.

but everything's just kind of there uh. interesting situation to look at in. general but. I think uh on the new Final thoughts. um I really I I think I have what I what. I need figured out. um I wanted some like Insight on like. Investments and stuff. um but I think that we both agree I kind. of already have that I think you're good. you'll sit down with uh the financial. advisor yeah get that all sorted. um. I get my main reason for wanting to come.

on here is I've watched I I told you. earlier I've watched like every one of. your videos and I see like time and time. again people fall into uh a trap of. believing that they have to live. this way and you don't like the the. amount of stress that I will have off of. my shoulders in March. um knowing that all of my bills can be. paid by me working a 18 an hour job if I. need to incredible incredible feeling. um. and you don't have to go buy a brand new.

car you don't have to go. um. into debt to survive even if you're. making I mean 725 is a little low you're. probably gonna have to you're gonna be. struggling that's also really rare to. make it's very rare to make in major. cities but like small towns still do it. um but you don't have to. you don't have to like go into this. situation just because you're um. you're not making a lot of money I think. if we can all sit down be smart about.

our money our finances sit down and. write everything down every month we're. going to be in a much better situation. uh I have a budget I don't follow it. exactly. um I lay out guidelines and I stick to. them as best as possible but stuff. always happens I'm only three months. into budgeting strictly you know so. little things pop up I readjust the next. month but like. don't let that be your downfall like it. didn't work perfect this time just try. it again next month you know and I. really just wanted.

this talk to be more of a message of. like. a you don't need college. B you just kind of have to pull your. head out of your butt and and go I need. to get serious about this and get out of. this and then once you're out of it just. start investing in your future you know. because I spent my 20s not thinking. about anybody but myself and now I'm in. my 30s going man my kids might not have. anything if I don't start this so uh. I just want to come on your show man. meet you so big influence on me these. past couple months so.

been fun so for Thomas right now due to. no emergency fund no retirement and some. pretty bad debt Hammer Financial score. four out of 10 but that will be five six. seven eight nine before the end of the. year good luck Thomas make sure to. follow all the fun things in the. description like my Instagram and. Twitter and don't forget to subscribe. thanks.