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The Most Insane Debt I've Ever Seen | Financial Audit
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- Опубліковано 7 січ 2024
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My bday is coming up next month, wanna help us get to 1,000,000 subscribers by then? 🥰
bday gift bday gift bday gift bday gift bday gift bday gift bday gift bday gift bday gift bday gift bday gift bday gift
I would send you something, but instead, I literally just paid off my car and just wanted to tell you about it. Happy early bday? 🎂
Sweet, my bday is next month as well.
You deserve all the subscriptions (and taquitos)!
Please tell me you’re a leap year baby
Somone tells this dude “ I’ll give you $100 to mow my lawn “ and he goes and buys a $5k mower and thinks he still made $100
Like every landscaper 😔
He has no idea of the figures. I wouldn't be surprised if he's barely breaking even on his side hussles. Dudes delusional.
@@leccy9901He said he’s spending up to $4500/month on the business and he grosses $60,000/year, so he could be making as little as $6000 for all the time and effort he’s putting in
Landscaper math lol
With all those business expenses, I cannot see how he's making any kind of profit. If you are making $3,000 a month but have $4,000 in expenses, then you were wasting your time every time you leave the house!
It is INSANE that any bank would give a dude who makes 45k a year a 65k car loan. Absolutely wild. And now they have a kid. I would be terrified
Yeah that's crazy. He does get the $600 stipend.
Me, too.😢
@@janefair7028no- income no-job (NINJA) loans were definitely an era.
I was prepared to be on his side until the picture of that truck flashed up 😮
I'm not mad; I'm impressed that he managed to get himself that deep! Without a bank putting a brake on him.
Only just started but lol at the way Caleb said "There's a 1 month old behind me" as if the baby is threatening his life somehow
He cursed right away that's why he mentioned the baby.
This dude has three character traits:
- works to burn money
- a truck is his entire identity
- doesn’t get financial anxiety
Probably could dowith at least a bit of financial anxiety! 🤷🏻♀️
He is a worker and he is young he just needs someone to teach him how to be financially savvy. He gonna be ok
@@juanio7036mid 40s is young and needs teaching? Okay I am 10 years younger then this guy and I know this is dumb. This is July 2024 you can buy a 2 year old truck with 35,000 miles 3/4 ton in my area, Florida, for 33,000 dollars. It may not be a Ram, this case its a Ford, but come on.
17 minutes in, and you can tell this guy prides himself on working hard and "hustling"...but he is hustling straight off a cliff in an absurdly expensive truck.
@@abetterhandleI also love when people call working at McDonald’s a “side hustle”.
@@abetterhandle Completely agree...people are all about the hustle but they wouldn't have to if they just learned to avoid crazy debts. Weird that our society has become addicted to working 60+ hour weeks just to pay for things they don't even have time to enjoy.
@@nailatiyllufnah bro a mcdonalds employee probably better off, they dont have that diesel ram 2500 tho 💯
Working 70 hours a week and having nothing to show for it but a RAM 2500 is not hustling its circling the drain.
Truck prices have gone insane. 50k will get you a basic plain jane model.
Breakdown of every audit
1) doesn’t pay taxes
2) side hustle is costing thousands instead of making money.
Dont forget no clue their actual income
Also, wildly delusional about how bad the situation is
IRS needs to tune in to these audits to have an easy audit for themselves.
@@PapaJaves yeah, but these videos are not factual proof for the IRS. All one would have to say it was entertainment and not real.
@@benjaminreynolds3659they don't need proof of anything to audit you though, and when your audited is when they would discover all the taxes you're not paying.
The way Caleb calls the baby “it” but refers to himself genially as “uncle Caleb” is cracking me up
😂😂
He's not the father. Remember in the beginning they said the couple didn't want to be on camera so he's just a stand in?
@Haleh1 this guy is one part of the couple and the baby's father. The other half of the couple didn't want to be on camera, so she is sitting back with the baby
@@Haleh1did you seriously watch this and honestly believe that this guy isn’t the father and is speaking on behalf of another couple as if he is the dude? Like what the fuck?😂
I did landscaping with a Mazda B2000 that I bought at auction for $300. Hauled rock, dirt, yard debris and all my tools. It had a hole in the floor! After 2 years I sold that truck for $1000 to a farmer who just wanted a beater to drive around the property. These huge stupid trucks are ego machines.
This is very true Mayahdoss6050.
This 100000000%
I move stuff for all my horses in a hatchback. Feed, blankets, saddles, even put bedding bags and hay a few times in it. It was far more expensive for a truck I didn’t actually need.
I do waterscapes and outside of cleaning season where I need the whole bed, I would use a damn Camry if I could. Luckily it’s a company truck but I hate it. So many problems. So much damn gas.
The e guy wants to do landscaping, and sees the adverts of people driving big trucks and thinks that’s what he needs.
I'm a Financial Advisor and I really enjoy your videos. I would love to see a video where you audit someone who is doing all the right things (budgeting, savings, retirement, mortgage, credit cards) all while making a modest salary. It is easy to save a bunch when you make a considerable amount of income, but doing so on a tight budget is worth highlighting for your viewers. You could go through housing ratio, savings rates, 401k best practices, etc. and show how it can all be done correctly in detail. You could even show what an actual "credit card person" looks like lol. Just my two cents. Either way, I am a subscriber!
Credit card person here - no consumer interest paid since 2011. However, will do the occasional personal loan if below 10% and paid off well in advance; however, I definitely advocate for using 0% apr periods for big needed purchases - roof, air conditioning unit, etc - and then paying a monthly which ensures that amount is paid off 2 months prior to the 0% offer end date. I think with Caleb we would still be frowned upon even though we do 50/30/20.
I had a financial advisor meeting because I felt like I could do better with my money and I was so embarrassed having a stranger look at my stuff. Our only debt right now is my husbands vehicle which was very cringe for me because for a long time we both had 2 paid off vehicles. So it’s really hard for me to watch these people put themselves on the internet like this. I was wanting to cry and I’m not in financial ruin and I felt ashamed. Me and my husband have a credit card we use for most purchases but we pay it off every Friday. So we don’t have outstanding credit card debt. We use it to build points for travel for vacation.
I could do that! I'd have the most boring money audit ever. No debt, no major payments, no giant savings, decent salary. Yawn
No one stares at a dumpster that isn't on fire.
yes we need a control group lol
$210k in debt with no house and a newborn baby. Spends $300 a month on cans of dip. 🤮
Have to prioritize the important stuff. The wife knew she would look ridiculous so she let him deal with it
@@3xinarow990 27
@@3xinarow990no he’s 27. When he said 48 he was talking about his income being $48,000/yr
@@3xinarow990those were their salaries, they’re in their 20s. Threw me off for a bit too
@@3xinarow990they aren’t but I thought they were for a minute too. When he says near the beginning “I’m 48 and she’s 44” I think he meant 48K and 44K annual income.
Dude makes 48 grand a year and drives a $65,000 truck. This is what’s wrong with this country
Exactly! These new generations spend outrageously on wants and then complain they can’t afford to live. “Oh poor me” they cry on their $1000+ phone. I have no sympathy lol
This isn't including taxes....dude is going to get audited.
He seems like a genuinely nice guy and very hard worker. I hope this was a wake up call and gives their family a better understanding of their finances. They deserve a great life and i hope their future is bright.
Yeah thats what made this video especially interesting. The guy has good intentions hes just totally lost/was probably not taught about finances very well.
Yes, I wish Caleb wouldn't judge and scold them for stuff they don't know
At this point I'm convinced 'side business' is just another term for 'expensive hobby' 😭
100% 😂 I feel like I have not seen a single person on this show with a side business that actually makes money (or that they pay taxes on)
For these types with zero business acumen, that is absolutely correct. It's like they all watched the same influencer that pushes soloprenuership as a way to build wealth and decided that was the way to go even though they have no idea what they're doing.
SMDH 😂
If you don’t know your gross and net you shouldn’t be trying to run a business.
Well he seems to have nearly doubled his income. Unfortunately he doubled his debt and expenses too and now needs to grind with no surprises or mistakes for 5 years.
This guy suffers from whatever the opposite of anxiety is
Ignorance lol thinking you know something that you don’t and having confidence in your assumptions.
Anxiety: thinking you know something you don’t and worrying about what you think you know.
ignorance is bliss@@khenbornagain
Lmaoooo😂😂😂😂 na fr bro. That was a good one
Ignorance
He suffers from confidence? Maybe.
“She’s on maternity leave so she isn’t really doing anything” says king truck boi.
I was looking for this comment 🙄
They were talking about income... you took it out of context
@@stevenreyna3437she does get income. 60% of her pay was given to her
@@stevenreyna3437 they were talking about spending.. expenses, the opposite of income lol
I live in the deep south and let me tell you that everyone and their brother has a struggling lawn cutting business. It's cutthroat. If you charge $56, the next guy will charge $53 and take your customer. Landscaping is an even worse, more unstable business. You might have a $10,000 job this month and nothing for 3 months. He's following a trend of "Southern Hustle" and big, flashy truck, but he has a kid, so he needs to stick with his operations manager job, sell the truck, sell the dump trailer, sell the lawn mower, sell the camper, cut the Apple Card into 2 pieces, close his excessive checking accounts, use the $4500 he saved to pay off debt, and just stop buying sh!t.
Where I live the whole economy is based on everyone cutting everyone else's grass.
$1000/month for 'truck maintenance ' is 100% BS. He's trying to justify his insane new truck purchase.
He’s more concerned about his truck as his baby when he should be more concerned about his actual human baby.
He probably has upgrades to the truck he financed and calls that maintenance
Actually I can believe it. I had an older Ford diesel with high miles and even though it never actually broke down, it was costing me $4-500/mo in repairs (averaged out over a year). I sold it after the front end was going to need to be rebuilt to stop bad tire wear which would have cost ~$3000 not including new tires. And all that cost was doing the work myself, double it to pay a shop. Diesel pickups are extremely expensive.
Listening to people’s unbelievable mind games they use to justify bad purchases is wild. It can’t be done but that doesn’t stop the wild “logic” they employ to explain themselves.
@@dylanb8427never broke down but you were constantly fixing it? I don’t think you know what the term breaking down is then
if my daughter and her 27 year old husband live with me and he comes home with a brand new cummins someone would have to die
Then they live in a trailer…that you gave to them
😂😂
If it was my daughter then it's my head that should roll. A daughter with no self worth and has kids with idiots like these didn't just sprout out of the ground.
I don’t even want to know what that truck cost…. I make 100K, live by myself with a mortgage, and I bought a 52K vehicle at the height of COVID when they couldn’t sell cars, that I think I paid like 38 or 39K for, at 0%, and outside of my car and house I have no significant debt…. My car payment is HALF of what his is, mine is at 72 months instead of 84… (and the only reason I went 72 is because it was 0%)….. And even I question my sanity for buying it!!! LMAO
@@PolishedMobileDetailing503 that's insane!!!! I still have about 30 months left on the loan.... But although I generally don't buy this stuff.... I bought an extended warranty for 8 years, road hazard (rim / tire) insurance, 8 years worth of service, gap insurance (since I put nothing down), so, I am basically married to the thing, but at least it's protected and won't need a bunch of bullshit (other than tires and whatnot) for 8 years... But, I also financed tax, tags and everything listed above... And I still paying half of what this guy is paying (and once again, for 12 less months)... My only saving grace is that I didn't roll negative equity from my old car... That is where people go wrong. In the old days, you could roll once, and still not be completely stuck... Nowadays, you can't even do it once... But if you do... Buy gap insurance. I'm not a financial advisor, but most financial advisors think gap insurance is the one thing you should buy when purchasing a car as far as add ons... And getting back to this guy, that 100,000 mile warranty is probably just powertrain.... He's married to this thing, and he didn't even protect himself if something happens to it.... Then he has no choice to trade it in for a song since it needs work he can't afford to fix, so he'll roll all that insane negative equity into something else... And he'll end up paying even more than double of the life of the loan (just as you said) to get out of it....
His salary is 48k btw which makes this debt even crazier.
Imagine how much better his net worth would be if he drove a used Kia and worked at a warehouse lol. Slight income drop, but nearly all the stupid debt and expenses disappear
@@smartfreak7105this is the most crazy thing! But then he wouldn't be a 'hard working, hussling bro', and thats his who ego, even as he crashes and burns!
Im trying to figure out how does he keep getting approved for all of this stuff with that type of income. A
@@Dreezzy88 probably is using his wife's income as well, his credit score is most likely high enough to where the dealership could have made up a number and the bank doesn't do proof of income. That's for the truck at least. Credit Card companies, last time I applied, don't ask for proof of income, so he could have put 100k income for all we know, and if it matched what the dealership put down, they wouldnt question it either. Long story short just lying to banks, I don't think the banks care either they have a life long customer
$200k+ in debt and has a credit score of 750?! Something is wrong here.
As long as he's on time with all of his loan payments his credit score is gonna be good. You have to miss payments to nose dive your score.
Credit cards want you to be in debt. So of course they’re gonna be fine if you’re making the minimum payments.
@@CydeWeysutilization is also used in the score calculation.
@@meaganbrettle6000he has an AMEX gold. This man's walking around with high limits, somehow
@@CydeWeys nah his utilization is way too high for his score to still be that good. Something is missing
Dude works a manual job, if he gets hurt it’s over. There’s no safety net and they didn’t even talk about child care once his wife goes back to work.
That’s a really good point
Bro he’s a manager. He has a clipboard
@@jordonlang9380 an operations manager of a 6 year old company he's calling a startup. He's not getting paid like a typical manager
Average childcare cost in the us is 20k yearly 💀
His safety net are the credit cards 😂
This guy is a salesman’s wet dream, can you imagine the high fives that went around the Ram showroom after he signed the documents.
No kidding lol😂
Exactly. It makes it harder for guys like me that negotiate everything. What a fuckin sucker!
By the time he's finished paying it off they've got almost 3 new Rams
$1,275 * 84 months + $3,000 down payment = over $110,000 for a $66,000 vehicle!
I was thinking the same thing. He is a happy buyer, even at 60k+ with interest
I completely understand why his partner doesn’t want to be shown…he’s embarrassing.
And she and the baby are walking around w/upper respiratory illness?????????????
Facts ! Especially the part of the US their from he is extremely behind .
You're giving her waaaay too much credit. She helped create the hole they are in and chose to have a baby and marry him..
Marry a man for his mind not his face .
Tbh, this guy was probably bullshitting her. It took 50 mins to reveal the extent to the host.
I'm 5k in debt and was already thinking I'll never be able to pay it, this gives me hope
I owed about 5k in loans and credit cards when I finished college. I thought my life was over. Turned out I paid it all of in about two years and I didn't even notice the payments coming out of my bank.
Buddy makes 45k and drives a RAM, wife makes $18/hour and drives fourrunner. Absolutely insane.
Yeah i thought my 2019 veloster turbo was expensive 🥲 it’s just insane how people can buy these type of cars and make 3000$ a month at best
Right?! I make more than double his income and I still think a 4Runner is more than I feel comfortable financing. Haha. I drive an Elantra that I bought used for $15,000.
@@JoshuaBowenyup. The economy has f*cked everything I can see, but even when I had a couple hundred grand liquid I bought a new-ER Honda for $18, the high trim model, and it got totaled 6 days later. So I went and bought an older, economy model of thr same car with similar mileage for $13k lol
It’s a southern thing
I make 120k and I bought a 11k suv cash cause I hate car notes lol. I’m cheap but it works for me.
>has a one month old baby
>bought a camper to live in 6 months ago
>can’t live in the camper because baby
?!? DUDE
Well clearly the dude doesn’t understand basic math 😂
Sell it! And quick
@@victorcampos7722 i think you're not allowed to sell babies in the US. :D
People are allowed to try something and change their minds after gaining experience. My guess is he thought it would be doable, even with a baby, then his experience suggested otherwise.
@@BenjaminEberenzyou don’t buy the baby, you finance it on a creditcard
Oh my god the partner must be so grateful that she requested to be off camera. This man is FOUL for what he has done to her and their baby.
I’m guessing you’re a chick, otherwise there’d be no way you wouldn’t understand that the partner has allowed these things to happen. These aren’t habits that you can hide until marriage. Theyre married, so these are their decisions. Not his.
Should the wife be considered “foul” for her equally terrible shopping habits? You can’t have possibly missed that she was taking a line of credit out with a credit card, right?
I’m new to this channel and going through old episodes, and I want to say for all his faults this guy THANKED Caleb at the end and was able to pull a lot of numbers/interest rates that other guests have literally no idea about. Props for coming and actually wanting to take something away.
$210,000 in debt with $30,000 in assets plus a new baby and he says, "It's not that bad". I'm speechless
Credit card shuffle. Financing a lifestyle and image.
Im pretty sure Bankruptcy and a lifestyle reset would improve their situation.
Way to ruin the vid
Bankruptcy is the only key for you now
Thanks for spoiling the vid
This dude doesn't realize that bankruptcy isn't just on the radar, it's a certainty at this point. They're $210K in debt while living in the inlaw's house. I can't even
If this were my daughter's husband.... they'd be out the door after that dumbass truck purchase. You can't afford rent but can afford that truck payment? BFFR
He's planning on buying a mobile home for another $40K+installation too 😂. Omg he has no clue how done he is.
When I heard 1200 truck payment I KNEW he wasnt paying rent. SMH
I know so many dudes like this. So many dudes with new babies and giant trucks with nothing
And since she works for a leasing company, if she lived on one of the properties, they would get an employee discount on rent. That they obviously cannot even afford.
This guy took "don't spend money you don't have" as a personal challenge to do the opposite.
I thought I was bad with money but this dude makes me look like a financial genius.
Sell the truck, sell the mower, sell the trailer, get another job. The side business makes NO SENSE
He could put the mower on a small utility trailer and tow it with a cheap car.
Nah it can be scaled for sure
He sort of offhandedly mentioned it grossed $60,000? Sounds like it has potential. He just needs to declare the frigg’n income and pay taxes he owes.
@@6SpeedsGood he grossed $60K meaning his side hustles + his regular job. He could still gross $60K without his truck & trailers.
@@Prolly_tyler How? He's already ~80k in the hole for equipment and there's a number of other fixed and variable expenses that he has to pay regularly. Add that to the fact that he's a single person who already works limited hours due to him having a full-time job and a newborn. I just don't see how he would be able to scale this business. I doubt he's even breaking even at this point to be honest.
"It's not that bad"
My dude it took nearly an HOUR to go over your debts, and you don't even know your income...
WAKE UP
This is the kind of guy that isn't going to realize how bad it is until his truck is repossessed and an eviction notice is posted. That's exactly where he is headed, but he doesn't see it.
I don't think he understands any of this as bad. He thinks it's fine, nbd. He thinks he has a plan.
Crazy to see people who make less than me paying more money for a car than I do for my rent. Sends a chill down my spine
Half his debt would be gone with just losing that ridiculous truck and trailer. He refuses to face the fact its a waste of money. Its infuriating to watch. No wonder his wife didnt want to come on camera.🤦🏼♀️
She was stupid enough to marry him.
For all the people out there grinding and being financially responsible with their money. This is the behind the scenes of the people we often compare ourselves to. The dude who’s got the newest truck, goes on the nicest vacations, has a brand new house and meanwhile cant even make the minimum payments on his debt. We all do it keep hustling and i hope this guy figures it out.
Yup just cause people look like they have money doesn't mean they actually have money
He will never figure it out
Does it ever catch up with them though? Like what actually happens if people just keep creating debt and not paying it off? I don’t think I’ve seen anyone actually face the consequences.
@@BobbyMackeventually they get their wages liened on and have to declare bankruptcy. Which makes it impossible to obtain any reasonable credit for years.
If you want proof the people with the nicest cars are often the most obnoxious on the road. Misery loves company and having money just means more debt.
The amount of balls you have to have to get into this type of debt and not be scared at all for your family is crazy….
It’s called being “delusional”.
$200k worth of debt is fu**ed!! Something’s gotta give, preferably those vehicles..
It’s not balls. This guy is straight up dumb.
Its not courage, its ignorance. He has no clue the situation he's really in an probably won't until hes out on the streets trying to feed a baby
I’m not a trash man, I’m a waste valet 🍸
LOL
About the current bank situation, I'm really concerned. I am worried about a lot more if a bank the size of SVB may fail. I have a friend who manages a fast-growing startup and was severely impacted by the bank run. I have taken more than $840k out of my bank. Since the FDIC only provides coverage up to $250K, an implosion could have negative consequences. presently want to invest in the stock market. Does anyone have any ideas on how I might proceed?
We fail to realize that banks are commercial enterprises that are driven by greed as well. The over-leveraging of assets by banks starting in 2020 was one of the factors that led to SVB's collapse. I've never felt secure keeping a large sum of money in a bank. In other words, I invest through my financial advisor, reap the benefits, and then spend the money.
I agree, having a brokerage advisor for investing is genius! Amidst the financial crisis in 2008, I was really having investing nightmare prior touching base with an advisor. In a nutshell, i've accrued over $850k with the help of my advisor from an initial $120k investment.
@@maryHenokNftI just started a few months back, I'm going for long term, I'm still trying to wrap my head around it, who’s this advisor you work with ?
Wright promptly do a web check where you can connect with her *Gertrude Margaret Quinto* and do your research with her full names mentioned..
Thanks for the advice. The search for your coach was simple. I investigated her well before using her services. Considering her résumé, she appears competent.
This truck situation is so real life, I have met MULTIPLE people with a $1k truck payment who think the truck will save their LIFE one day 💀 this is absurd
Yeah I bought an 03 ram 2500 with 69k and put a new trans in it so it's reliable. Total:25k payed in all cash. Pulls as much as that 22 without bells and whistles and 1/4 of the maintenance cuz no emissions. People need to learn
Wow, that's still an awful value @@jdmsurfer
@WamboDaJambo not even close. It's easier to say "I don't know crap about vehicles."
@@jdmsurfera 2003 dodge ram cannot haul as much as a 2022 ram it’s about 6k off.
@@leafmagiic748 factor inflation and the same truck was about 60k
The best thing this channel has given me is perspective. I had NO IDEA people lived like this 😵💫
So true, it’s so interesting in this day and age to see how people similar in age are doing financially 🤔
This channel very much reinforced the "all that glitters isn't gold" and the "you don't know what someone had to do to get the things they got, so don't envy people" cause wow, also the "5000 dollar bag with 1 inside of it" there are so many sayings that are actually being visualized by these ppl
Yeah people really underestimate just how bad the economy is and how bad the incoming recession/depression is going to be. 60% of people are currently working paycheck to paycheck, 56% of people don't have the money to afford a $1000 emergency expense, 37% of people cannot afford a $400 emergency expense and we have over a trillion dollars in credit card debt. But the job market is great!!! The media keeps telling me it is so it must be. Lol Meanwhile we have the highest percentage of 18-29 year olds living with parents since the great depression and the median household income can no longer afford the median priced house.
@@jlava1575 Figures like that are meaningless without historical context. For example, back in 2019 Forbes reported 78% of workers were living paycheck to paycheck, so 60% is a drop of around 18%. 2019 also had a similar figure for percentage of people who couldn't afford $1000 (2019: 60% vs 2024: 56%) and $400 (2019: 39% vs 2024: 37%).
Credit card debt has gone up significantly, but imo that is more a sign of declining fiscal responsibility rather than the strength of the economy. As Caleb has shown, many people are very fiscally irresponsible nowadays.
Regarding living with parents, that could also be due in part to falling social stigma when it comes to multigenerational households. Many other countries even look positively on a child living with their parents (assuming they do their part and help take care of the parents). Plus even if your not struggling, why not save $1-2K a month while also helping your parents out fiscally as well (by paying for part of household expenses/property expenses).
This is the average American household too. Let that sink in.
My brother and I have a firewood delivery business. And we didn’t need to buy a new truck. My brother has a 2005 Toyota 4Runner with the 4.7L and we haul around 3 tons in a 12ft trailer. And no we didn’t buy a dump trailer. We got a cheap trailer and built the walls up, upgraded the axel and suspension for cheaper than buying a new one. You don’t need to take out any loans to buy expensive shit to start a business. Buying a new Cummins for landscaping is CRAZY!
You're wise.
He’s cool, calm, and in collections
His wife is smart enough not showing her face on camera;
This.
She probably didn't want to be seen constantly eye rolling...
But dumb enough to bring a newborn with a cold out in public while also battling a respiratory infection. Please make it make sense smh
She completely embarrassed of him. I’m embarrassed just knowing he’s from the southeast.
@@AlwaysAscend7570she’s just as idiotic as him
My $205 car payment just ended and I am so excited to not pay it next month...when I see people on this show with $1,000+ payments it never ceases to make my jaw drop.
Right... plus, imagine the insurance on that truck as well!
When my car payments ended, I kept “paying” them by putting the money into a savings account in an outside bank. Out of sight out of mind. It’s a great way to save money because you don’t feel the missing money.
@@katerinav9731 this is what I have done since paying off the car in 2015 and have never needed another loan since then. Excellent way to own a car.
i feel that but i was unlucky got rear ended two time in a month 4 months after i paid my car off it was 275 a month had 160k miles forcing me to go buy another car. at the time used car prices were wild everything with 120k miles or more was 10-15k so i found a 26k mile 3 year old car for 25 out the door and put 12.5k down 290 a month and goal is to pay off the rest in 24 months. kinda lucked out i got so much for the total out of the car making me able to put down 50% on a almost brand new car outside its initial depreciation curve. new one same model would have been 400 a month 32.5k out the door.
@@katerinav9731that’s a great idea! Good for you! 😊
“When the truck and the trailer is paid off”…..he’ll buy a new truck and trailer and justify it in his mind with more debt. I can already see it.
Nobody wants to drive used up cars. Nobody wants to look like they got no money. Most people are trying to look rich when they’re broke as heck 😪
As a diesel mechanic I’ll never understand the logic behind people thinking a brand new vehicle cost any less in maintenance. The repair costs on these new trucks are absolutely outrageous
I drive a 30+ year old truck, parts are dirt cheap and plentiful, all these new trucks are garbage.
What about the people in the comments arguing about the better gas mileage on newer trucks? Is it that much better or is that just more bullshit justifications for buying a new truck? I haven’t heard about any groundbreaking mpg developments for new diesel trucks but maybe I’m wrong!
@@user-bt5xd4lo5n seeing just how large and heavyier the new models have gotten i highly doubt that the tech really evens that out...but i am no pro in there
@@user-bt5xd4lo5nthe older trucks without all the emissions be get better mpg than a newer truck and they also don’t have thousands of dollars of emissions equipment that cut the life of the truck in half… you know because of the environment 😂
What?!? It’s called a warranty.
Bro could’ve been a barista as a side hustle and still made more of a profit than buying a 66k truck holy cow
He does it for the status -- he views himself as this businessman who needs a nice truck to run his business.
In reality its just a play fantasy he's living out.
@@chad1755 🎯
One of the biggest problems I see with people I’ve met like this is their community/family will focus on praising them for being hard workers instead of teaching them how to not be in situations like this. The suffering is overshadowed by the image of a hard worker providing for the family. And typically a man’s ego will exacerbate the situation cause no family man wants to be seen as a slacker, even if it means burying yourself in work and debt. It’s hard to watch that kind of struggle.
As a former Financial Advisor, I am getting so much validation from this channel. Caleb’s advice is spot on!
66k car debt @12,65%. You have to be kidding.
Not to mention the 12k he rolled in from the previous loan. And he's putting miles like crazy on this. He's DEEPLY underwater on this.
I hope he has GAP insurance.
@@chukuemekaoje1015 and a down payment on a credit card. Yikes!
i nearly died hearing that after learning his wife is pregnant
84 months...
He will never ever see the end of that loan 😢 and he doesn’t even know it!
I refuse to believe this guy actually understands how bad his situation is because after a whole hour of the audit he suggested to take out more bad debt. I don’t think he listened to a single thing.
He has zero clue but I honestly think he might be like that numbers thing where people can’t focus on numbers
Hopefully the budgeting course helps, he needs it.
He's only looking at the profit side of things without looking at expenses. A lot of people make that mistake
And he’s 48 😳. Can’t imagine how a grown 44 year old women is even with this dude. I guess stupid just attracts stupid
@@linger4605 I heard a guy online once say he made $400 a week trading in a game called Rocket League. A few guys in the group sounded impressed, I then asked how much he had to spend per week doing that and he said $400. I just said alright, haha.
Your point stands strong.
The reason he’s not stressed is the same reason she isn’t on camera: These debts were his idea and he’s convinced they were good decisions.
14 minutes in & I feel a lot better about my own finances. 😅
This episode is a great example of why a 700+ credit score means almost nothing in terms of your overall financial picture. This guy has good credit but with over $200k in debt...who even cares about the credit score at this point. If anything, the good credit is just enabling him to keep taking out additional loans. Absolute craziness considering this is all non-mortgage debt.
His credit score is going to start dropping once the 0% interest credit card starts accruing interest. Paying min payments will keep you in debt and sets you up from being able to completely pay the debt off. It’s only a matter of time if he & his wife don’t 1. Start making more money to put toward debt 2. Stop opening up credit cards
That is how they get you. I just got letter to qualify for a 8000$ credit card. I ripped that up so fast. No thanks
100%
@@Aki_Lesbrinco Oh I'm not saying it's not important at all, but when people come on this show and tout their good credit score while also drowning in debt, they clearly overestimate its importance.
that is the financial image. high credit score ppl have a lot of credit to get there, so that companies can make money off of these types of ppl
“Once the truck is paid off” it will be “go time.” So he’s admitting they won’t be able to make any progress until the $70,000 truck is paid off in 84 months. Just brutal.
He’ll never pay that off with the miles he puts on it.
A truck that he put 27,000 miles on in eight months. At that rate, we're looking at over TWO HUNDRED AND EIGHTY THOUSAND MILES before he's finished paying it off.
He'll have to buy a new one by the time it's paid off, the maintenance by that time will be insane. They're fucked
He'll be trading to another truck before the term ends.
And he will probably be upside down and rolling that over again 😂@@berniepfitzner487
Prefect example of work smarter not harder. No use hustling all the time when you are just digging downwards.
man each and every episode of this show makes me feel better about my spending habits and financial decisions.
This dude just LOVES his truck, and it’s literally destroying his families future.
He put his truck ahead of his wife and child. This next generation sucks! It reminds me of my ex son in law haha. Ugh, what failures!
@dr.walterlam9630 but his truck won't leave him
Pure ego. He thinks it's his entitlement. He will blame everything except the truck for the debt
This is a house of cards. If the wind blows it's going to come falling down
@@Tom-cp6yj Until self-driving cars become a thing, and a truck actually can drive away on its own.
If step 1 isn’t sell the truck I’m speechless
I would agree but he was like $18,000 upside down on it. I’m not sure how he gets out of it, unless it just disappears. The land and the camper have to go for sure.
@@shaerath it's nuts how many people get into car debt trouble. I drive my Adidas everywhere, but I'm lucky enough to live in a small town and be walking distance from everything.
You can't sell stupid
@@thekalamazookid4481yeah that ain’t possible in damn near all of America that isn’t an inner city. Unless you’re the flash you ain’t walkin anywhere but to your car.
@@shaerath The land you keep. The trailer and camper gotta go. The truck if possible with the negative equity. That drops the balloon payments and then tackle the student loans.
I’m a newer subscriber but have been obsessed. This was one of the best I’ve seen. Yes it is a whole lot of debt but he is working extremely hard and I can appreciate that. I love that the couple at least talks about finances and he seemed pretty knowledgeable. It was refreshing to see a situation not totally lost in the sauce. I really hope for the best for them and his tobacco free journey!
I'm not speaking on him and his situation, but for most generations these days (including mine), most desire the appearance of wealth over true wealth.
I know a lot of guys like this in my home town. Start a business that needs a truck, and uses the “I’m self-employed and I need a truck” excuse to go buy a $80k truck they can NOT afford and then they make everyone think they’re a big shot with a brand new F350 or whatever it is. So dumb
And it’s always a top of the line brand new diesel, when an older used truck could do the same job for a third of the price 😂
@@ShrekFan5670 it’s NEVER a reasonably priced, fair milage, 10-15 year old diesel that literally does the same thing they actually need the truck for 😂 it’s ALWAYS the newest F350 King Ranch Edition
Oh buddy, from the shorts clips I thought it was an 18 wheeler!!!!
It’s definitely a small town cultural thing. I call it “blue collar elitism.” These dudes pride themselves on working more than anyone and having more/better toys than the next guy. Executives at my company make well into the millions in total compensation and all drive pretty modest cars and live in modest homes. Their focus is on a nest egg, education for their children and experiences. A dude with a roofing company in small town GA would have you think he makes $10m a year with the way he spends.
@@erimei8478 100%. Meanwhile that dude is DROWNING in debt
"this might be the worst debt I've ever seen."
"It's not that bad."
I audibly gasped.
Bryson, sell everything! Land, camper, trailer, one of the cars. You’ll easily half your debt that way. You trying to hustle is what’s getting you in more and more debt. Keep the ops manager job well (I’m assuming you don’t need your truck/trailer for your ops manager position) and see if you can get promoted.
Him explaining the cost of ownership of a diesel is enough of a reason to not own a modern diesel
I think he's mistaken "Cool, Calm, and Collected" as not understanding the significant financial impact that all the debt is/will have on his family.
When men have that as their taglines on their dating apps it means “I can’t be bothered to care” and I’m super lazy and can’t think of other adjectives to describe myself.
@@laurab5849I don’t get it, but chill bro.
Yes however, congrats on your new baby, dude and I hope you are all doing better soon!!!
Yea, that's what I was thinking. It's one thing to be cool under pressure, but this guy genuinely does not realize he's almost certainly doomed financially and his kids will grow up in poverty.
It’s called “denial”
It hasn’t hit him yet.
I actually laughed out loud when he mentioned they want to buy a house. Buddy, no.
Not just buy, BUILD. Building a brand new house on balloon loan land is absolutely wild with the amount of other debts they have. I hate to say it, but they'll be lucky to have a house by the time the kid is in high school
Building is the GOAL…
There’s no way he’s able to buy a house with this debt 😂
I feel bad for the wife.. just went through a traumatic surgery and has to go back to work to pay her husbands truck off
@@samgotskaya6508idk how bad you can really feel for someone who willingly marries and gets impregnated by a walking red flag 🚩
Hey, Caleb! I appreciate your videos. I'm learning not only from their mistakes, but also your advice.
I feel energized to bring my student loan and credit card debt down this weekend
I appreciated how incredibly respectful this guest was this episode. A lot of the guests I have no hope for based on their attitudes, but I super believe he and his wife can make it.
Just don’t hold your breath
He doesn't get it. He should be losing sleep and panicking. The fact that he's so cool, calm, and collected means he's delusional
This should be an ear opener for people. $8,500 in student debt turned into $11,255.75 and they THOUGHT they were paying it off. You have to look at all the numbers.
Imagine paying for almost 3-4 years and realizing, you've LOST money while at the same time paid, over $1,200
should be illegal
@@goosegirl6639no only go to school if necessary don’t be dumb
@@adamcantu6819 all 18-year-olds are dumb lol
@@adamcantu6819 dumbest comment yet.
@@goosegirl6639simple math
Ex IRS auditor here- businesses need to show a profit 3 out of 5 years to be able to continue counting as a business. A lot of business are deemed as hobbies when that doesnt happen.
He’s been doing the startup for 6 years and can only speak in terms of revenue. Not a peep about profit, but a ton of expense. Yikes.
Aren't a lot of tech companies running at a loss for years?
@@stalinov91I think this is more applicable for “self employment” business income. If you are employing yourself and expensing things and you don’t make any money for years, it loses the credibility to claim that you have an intent to make a profit which is what a “hobby” is for tax purposes.
i love my hobbies, i own a fancy drone.
i havent used it for gigs nor aerial photography.
but I COULD.
the job I have literally has a drone division for scouting.
@@ericolens3what job is that
I've seen a few shorts, subscribed, and finally sat down to watch this while eating..
BAD IDEA!
I am physically sick watching and listening to this. I cannot fathom how his wife is handling this and wishing her the best to make it through. This dude has got to get a grip and stop using whatever because jeezel petes this is not right
Caleb-
You have an incredible talent of talking to and helping people. I commend you for taking the time to educate your clients as well as the gen pop that watches your videos. Thank you! 1m is just around the bend!!! Congrats 👏
I’m glad this channel exist because I feel like I’ve made some huge bad financial decisions like ruin my credit but jeez these guys make me feel so much better
$1250 a month for a truck on his salary is ridiculous. Merica!
I make 3x this guy and my car costs 1/3 what he pays per month.
Crazy where his priorities are
Geez why would anyone spend that much. Especially on what he makes
@@devonforsure260 I got mine off of Craigslist, and have had it for almost 10 years. No payments.
I have no idea how people deal with having to pay per month for a car. Saw it with my parents and was like "NOPE!".
No car payments😊 Love it.
Right. I pay $490~ a month and that makes me sick I couldn't imagine paying 2x that
Dude’s understanding of budgeting is on par with his understanding of virology: “It’s not contagious bc i’m not sick”
In all fairness, a baby having a cold is not something I'd be concerned about catching, either.
An infection isnt viral, otherwise antibiotics would literally mean nothing
My Dad's wife said the same thing about Covid. Thinks you catch it from sharing food. 🫤
I think people are missing the point about these videos. It’s really not about the person being interviewed. It’s Caleb giving free knowledge of financial literacy.
Caleb, I love you and I mean this the best possible way. You have Judge Judy energy
This guy believes that he couldn't possibly get fired becuase "I was the first employee hired" is hilarious!
Yea if anything it implies the business is fairly new, which is of course the riskiest time for any business. Silly and unserious thing to say on his part.
Yeah such a dumb thing to think! He's convincing only himself.
My boss CARES about me!
Hahajahahajahahahahaaaaaaa.
Maybe if you knew more information than that 1 statement then you’d understand😊
He's dragging his entire family into poverty, while justifying downright stupidity.
While living at his father in laws house.
living in father in laws house is the only reason everything he has going on hasn't totally collapse @@superbigblack
@@Jake38nineagreed + tolerating them amongst your circle is really draining.
@@Jake38nineand its hilarious that she chose to not be in camera as to only allow her husband to get the bad talk. She’s probably not even better
@@Jake38nineAnd I'm willing to bet that she will now become a full stay at home mom, while relying on him to work 90+ hours. The fact that he brought up that she requires date nights while being in so much debt is truly terrifying. She sounds immature AF! He's cute, but he made the mistake to find a woman that's just as dumb as he is 😂
This makes me feel sooooooooo much better about my financial situation.
"I needed a new ram" trans goes out, front end falls apart, needs another trans rebuild, has its 5th un fixed electrical problem after the chrysler dealer barely honors anything in the 100k warranty
No way he nets 3000 a month from a side gig landscaping biz that grossed 60k. And the trailer he bought is entirely unnecessary for landscaping. He likes his toys and is willing to go into debt for them.
Exactly.
Algorithm squad checking in
HERE
Look forward to your videos every Monday and Wednesday haven’t missed one in over 7 months
Gotta get on the notification gang for this series!
Wait til you here about fridays@@Dom-xq3vz
Ayo we out here
a couple that budgets together stays together🧿
brooooo he HAD an F250 already!! The 3/4 ton gooseneck hauler was ALREADY IN THE BUSINESS
this man just wanted a new RAM 2500.
Cool, calm, and collected. About to be cool, calm in collections if they don’t get their shit together.
😂😂😂
Kudos. That is a good one.
That is hilarious 😂
😂😂😂😂😂😂
Caleb’s face when he says his wife and baby have upper respiratory infection is my exact face too… and if mom AND baby are sick, clearly it IS contagious!! Lmao it’s too much
He doesn’t think well.
He is earnest and hardworking though. He needs to follow a program made by someone else.
@@M_SCit's just really tragic that his confidence is far larger than his current knowledge.
it’s covid
Bro chill out she has pneumonia after a C section. It’s normal. Doctors usually let you go home. It is contagious but chances of you getting it is low unless you’re breathing right next to the person. I had pneumonia after birth my baby and family never caught it though.
Pneumonia is not the same as an upper respiratory tract infection. URTI = cold/ cough & is contagious. Pneumonia is by definition a lower respiratory tract infection
I am so glad to own my home, car and no cc debt. I am shocked at how much ppl are charging on their cards. Great show to watch!
The fact this man said his wife is at home with their new baby so she "doesn't really do anything" makes me soooo angry. umm she's taking care of your child sir 🙄🙄🙄 that's a lot of work
That's clearly not what he meant by that, now you're cherry picking. In that context they were talking about his wife and her spending, he said it as a way to say she won't be running around spending money because she's too busy with the baby. Smh
Oh please. Putting a dvd in the player and pushing play is not that hard. She also has machines that do all the work for her....Laundry, dishes, oven. All things invented by men btw. Get over yourselves.
100k truck living with his parents in a room?? You can't make this .... up!!
Hi in-laws. You can bet they hate his guts for trapping her in this relationship. If it took an hour for the extent of debt to be revealed, you know he was drip feeding his partner the financial info.
I want to see Caleb do a business audit. Like here. Get 3 months of his invoices for all his landscape jobs. Get all his expenses. Calculate depreciation for vehicle use and maintenance. As gasoline . Add taxes. Then tell him how much he makes per hour net. Including travel time to and from job sites. I think it will show he is making $5 an hour or less.
Yes! The business owners are always the most interesting to me, but they never seem to have a clue about their business finances
I would love to view building business budget 😂
@@mike73783That’s because they’re usually having to do everything themselves. Detailing every dollar probably isn’t a priority like the day to day stuff. Seems like it should be, but that’s why larger companies have a cfo. My cousin owned a small car repair shop for 12 years and had no clue how much he made every year until tax time 😂
Seems like this guy made a business to justify his want of a big fancy diesel trucks and trailer doodads, but he isn't actually interested in the business aspect. Any even halfway-decent business owner would know their profit/loss, at the very least.
@@samm2006 of course he knows he didnt wanna expose himself to the IRS admitting his numbers hes clearly not paying enough in tax
my man was almost bragging about hoe expensive service was for his truck and loooooved mentioning it was diesel
I applaud anyone willing to open up their financial closet and expose all the crazy things they’ve done in order to have a better understanding of their debt and how to tackle it. Sometimes we get bogged down with just making monthly payments and we can’t see the forest for the trees. To have someone say, “why would you do that?” And “That’s FN stupid” is a real eye opener. I can’t imagine anyone being a guest on this show and not changing their mindset surrounding their finances and actually taking the steps to make things better. This is elite content here.
“I drive a lot, so it makes sense to have a crazy heavy DIRSEL truck with a massive engine “
Can your little car tow a heavy trailer? I have the same truck and drive 30k miles a year and it’s not bad at all
@@laneblount9888yeah dude you're right, if a vehicle can tow a heavy trailer it's certainly more than worthy to ruin your life financially, that's the logic apparently, 'it ain't that bad" the exact words of that dude too, while his life is falling apart, and he's headed straight into bankruptcy
I make 5x what this guy does, and even I am scared of a $1200 car payment
What do you do for a living? I'm clearly in the wrong line of work.
@@horsepanther I’m an MAI designated commercial real estate appraiser. More specifically, I manage a team of commercial real estate appraisers.
@@horsepanther if you got into my profession, you could be an MAI designated appraiser within 5 years
Shit, I’m at 10x and even I cringe at a 4 figure car payment
@@jack073 nice! What do you do and how do you do it?
Watching these vids make me feel so much better about my debt 😅