47 years old. I've been in debt my entire life. Within a year of listening to Caleb I will be debt free by December and ready to save for the rest of my life.
My first pair of work boots was a cheap 100 dollar pair that gave me foot problems and fell apart after a year. I didn't make that mistake twice. Dropping a couple hundred on a nice pair of work boots is worth it over everything else he's spending.
I said this elsewhere but redwing shoes are THE BEST SHOES IVE WVET OWNED. They’re still made in Red Wing minnesota. They’re reparable, durable, and comfortable. An average pair lasts 5+ years for me doing 15k ish steps a day often in the rain.
Not through the whole ep but this dude is really humble, much respect. He took the punches right to the chin and didn’t come up with BS excuses for everything.
Two years ago, I was locked into TWO payday loans at 49%. 4f$&king9 % Now, I’m debt free and staying the course and watching Caleb has REALLY helped me out my purchases in perspective. I have a huge savings now and still adding now that I won’t spend my money on “garbage”
I'm always here seeing Caleb going DEATH ABSOLUTE DEATH everytime something has an interest of 15% Meanwhile credit card interest rates on Brazil is peaking at 450% a year right now I now understand why after my parent got themselves neck deep into that they never managed to pay it off
This reminds me of late night advertisements for credit/loans through Native American banks but the fine print was something like 70% APR like what???? Even my 15 yo self was like thats crazy.
As someone who spends 12 hours a day standing on concrete, boots are an absolute lifeline for the working man 🤷🏻♂️ one of the few times I'll ever agree with spending money 👊
I love the diverse range of people he gets on these. Both financially, and demographically. It just shows that no matter where you come from or what you do, financial irresponsibility exists everywhere!
I really would like caleb to do "REVISIT AUDITS" like a year or 2 later check in with the people and see how they have progressed on the plans he sets for them and thier situation
My husband and I have been drowning in minimum payments since we got married a year ago. We have been watching Caleb for the last 2 months. We now have a steady budget, and have a debt snowball plan to be completely credit card/car debt free in 38 months! It sounds like a lot of time but we are still in our early 20’s! We are tryin to tackle before it’s too late.
Out of all the finance youtubers on this platform, this channel has had the biggest impact on my behavior and attitude regarding my finances. I discovered this channel a week ago and since then, i have, for the first time, created a budget to dig myself out of a hole of debt. It is going to be a long and hard process, and i would give a lot to go back in time to do things differently, but the blinders are off and I'm making the changes necessary for my financial future.
The more I watch these videos, the more I realize just how normal it is for people to have debt. I get why, but at the same time this terrifies me for future generations. A lot of them won't be able to escape it. Also, Mitch looks like he could be part of the Ryan Gosling family.
The government doesn’t allow to teach about investing in schools 🏫 they can only teach how to become a good obedient worker. A salary is there to distract you from the American dream
@@EAAAA1505 I just said he looked like Ryan Gosling, not that he was cute lol. But I'm happy you got some to see some eye candy along with Caleb's sass today.
Stagnant real wages for the past 70 years, lack of affordable upward mobility. Of course debt is gonna be normal that's how you the S&P500 can get average 10% yearly return, everything is just borrowed debt and bullshit P/E and stock buyback manipulation.
I agree. I know he likes a number of Dave Ramsey content. But he's SOO much more relatable and doesn't yell and call PPL stupid. He calls choices stupid. Very different. He also has MUCH more understanding for these ppl.
Wow, I actually love that! Next time I'm considering something that I don't really need I'll just ask myself: 'What would Caleb have to say about this?' ... right, back on the shelf 😂
I believe this guy Will follow-through and get his financial life on track! I don't see his car being am issue, i see his $1600 rent being a greater issue.
I'm not gonna lie: this channel has made me feel amazing about my choices and money management but it has also motivated me to do better. There's a lot of room for improvement in my finances and recent events plus this channel have made me more conscious and grateful.
$100 metatarsal shoes start falling apart faster than Walmart shoes. Standing on hard floor for 9-12 hours wearing $300 shoes for people with Plantar Fasciitis is a gamechanger.
I totally understand this! I'm a nurse and all of the shoes I wear for work cost upwards of $150 each when not on sale. You need to invest in your feet/back sometimes .
When your feet are tired and ill-supported your whole body gets prematurely tired and your feet, over time, get jacked up. I wish someone would have told me this early on in life. That and wearing work gloves as a best practice while doing manual-type work. It really makes a difference.
I don't get where people think he's so mean. He shows an incredible passion and love for what he does, which is honestly trying to help others. I can guarantee the financial mess some are in are facing alot worse if it's not taking care of. Blessings to everyone.
Because he's only using the stick, not the carrot. It's one thing to say, OK, no fun for two years, but he should say that after that, we're going out to eat, we're traveling for fun, we're getting our subscriptions back, and we're spending money.
@@22dolxxxphin22 I did. He says to spend on things you want for one sentence, then spends thirty seconds bashing Jimmy John's. Look, this is a point that Caleb doesn't make, and neither does Dave Ramsey or any other personal finance advisor I know of: you have to change your behavior, but you don't have to change your attitude. If you want to get your finances in order, not so that you can spend on "adult" things but so that you can spend on the impulses you do now, there's nothing wrong with it.
Hi Caleb! I appreciate your videos so MUCH!! Ever since I started watching them late January 2023 I've been so motivated to get rid of my debt! I got so caught up in living a life I could I "survive on" verses surviving under my means available so I can start LIVING a life I want. This week is my last payment towards my $13k credit card debt that I started snowballing in February this year. I cant wait to start my life of financial freedom :). Thank you again!!!!
Caleb is dead on with his post debt advice maxing out 401k, Roth IRA, investing 30% etc. Problem is he rushes through it. Voluntarily setting aside 30% of your income isn’t easy. In my experience, it feels like living paycheck to paycheck despite being debt free. Long term it’s a good feeling but in the short term, it felt like I was still punishing myself despite getting out of debt.
What I'm currently doing is 15% into 401k, maxing Roth IRA (~8%), and taking the remainder as cash. If I don't use that cash, I'll either put it in my emergency fund or in my brokerage account. This way, if I have an expense in any given month, I don't have to modify paycheck withholding for 401k. Yes, technically I am not taking advantage of my 401k for that extra money, but my philosophy is that you need to have brokerage money as well ($40k/year is subject to a low 0% long term capital gains rate for single filer).
@@donaldcedar7574 I wouldn't say "no point." Like I mentioned, brokerage accounts do offer a substantial tax advantage with regards to capital gains taxes. Also, having brokerage assets allows you to make withdrawals during early retirement and keep your taxable income very low, which allows you to convert pretax assets to Roth. That's why it makes sense to build all three tax buckets even if you're not maxing out.
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I feel the same way! I am debt free and I invest about 13% of my income(Roth).. definitely not a lot because I’m already 33yo. But I only make around 45k per year in SoCal so I do what can at this moment. And even though I’m debt free, it feels like I’m living paycheck to paycheck, because all my money has a place to go - and any extra money goes to investing or one of my saving buckets. 😅
I clicked this so fast I’m addicted to financial audit! I just paid off all of my credit cards and my car is next! About to get rid of that bad debt and I AM NOT A CREDIT CARD PERSON
I always find the "graduate late" comment odd. Like...I'm not a college grad and I have a blessed income - I never had a reason to go/finish. Maybe I decide to go for a change in career or to learn a new discipline? But I'm not doing it late, I'm doing it when life calls for it. This institutionalized "time" to go to college is part of a bigger problem with American society. Regardless - awesome content, best wishes to Mitch.
I *think* when Caleb says that, he is hearing "unpaid student loans" in his head, but yes, I agree. I did the traditional route and went straight into college in a niche field and I was the youngest in my class. The average age was 32.
I started college at 25 and yeah I hate stigma too... I couldn't cash flow college before then and I wish more people were encouraged to wait instead of hearing people treat finishing 4-5 years late as some kind of problem with you.
Agree. I think a year (or more optionally) of public service could be transformative for participants and communities, parks, etc., around the country.
I'm from Grandrapids!!! It makes my Michigan heart happy to see the wooden decoration behind you. In Tulsa OK now. Headed home for the first time in ten years. Getting to take my family for the first time. A big part of that is thanks to your show helping me get my shit together and cut out the bullshit spending.
The more I watch the more I realize how small purchases do add up. We seem to always underestimate how much money we loose on nonessential things each day on a number of things- they always seem fewer when they are ours. It is so much easier to notice it for other people but not for yourself. Btw congrats on 500k +! 😊
Reminds me of a few years ago I realized one item I was getting, only cost $1.50, but I was consuming 4 a day, that was $180 a month.... talk about an eye-opener.
The SoFi bonus is only $50 for the vast majority of people. The evaluation period for the $250 is $5k in direct deposits in 25 day period. Most people are paid bi-weekly, so you'd need to be taking home $5k a pay period to qualify since bi weekly *2 is 28 days
A lot of people in their 20’s spend like this. I know I was horrendous in my 20’s with spending - racked up so much in credit card debt. I had to keep up with my friends, traveling and new clothes etc. But I also racked up $170,000 in student loans after grad school. My anxiety over this kicked my butt into gear. I got rid of those loans in 5 years because I just couldn’t handle that much in debt. My mentality in my 30’s also were different than in my 20’s - I just didn’t give an F about what people thought of me anymore. I drove my old 2005 corolla then, which I still have and use. So I say this to point out that - money is not just about our mental health or knowledge about finances - it’s about growing up, about changing your perspective on what makes you happy. Mr. Money Mustache focuses on that - “what makes you happy?” If having a yacht makes you happy, then make sure to make a lot of money to afford that- or spend less on things that don’t make you happy or you don’t care about. If simple living, not needing to keep up with the Joneses fulfills you - then you probably don’t have to make as much to be happy and financially secure.
@@cnlovin17 oh gosh. I don’t recall it was long ago. I was privileged enough to be accepted into the NHSC program. Obama at the time put in millions of dollars into this program. If he had not done this I don’t know if I would’ve been accepted - I heard it was hard to get approved for this loan forgiveness program. Essentially what NHSC will do is pay off your student loans in exchange for your work in a federally qualified community health clinic as a doctor, PA, NP or dentist. If you work 2 years you get $50K tax free, this is on top of your salary. So I did that and got a total of $80K tax free towards my student loans. Those all went to the high interest private loans first, like to 8% loans. This sounds like easy money but it is not. For me, after working a few months in my clinic - the program asked me for my bank account so they can wire $50K into it. And I told them - keep the money, I don’t want it. I’m leaving. I was so burned out even after a few months. They begged me to take it because they had so much to give and told me that I could transfer to another clinic (which was also not easy to do prior to me starting work- i really lucked out). So i took it and suffered. Years taken off of me doing this kind of work- a lot of sacrifice during these years. No buying a house (I still don’t own a house because I don’t want a mortgage), no traveling. So on top of the loan repayment given to me, i put all of my paycheck towards the debt each month. I also had enough to max out my 401k eventually. So I saved for retirement and paid off my loans while living like a college student. If you decide to pay off your loans really fast, be careful not to overspend after you’re done doing that. That’s a thing that happens to people with anxiety like me - and I did do that for a bit, but I didn’t get into any more debt - i just was not good with spending a couple of years after. Our brains/psychology are weird sometimes.
I consider myself lucky to have zero debt at 25 and two paid off cars. Got $24k invested but I need a house. Not sure if I should keep renting and just pile on the investment, or use the $24k to buy a house and start over investing.
@@SRTBOAT Hmm…I’m not sure what happened to my original long post. So here is another, assuming the other got erased into the netherworld. I just wanted to say that I’m impressed by your discipline - I’m sure it’s not just luck. You are way ahead of most people your age and that’s amazing! In terms of buying a house, I believe you are talking about buying a primary house to live in. In that case, I recommend doing the math and research before throwing all of your liquid investment into that. If you live in a high cost of living area like NYC or San Francisco, buying a home may not be the best investment or at least good for you financial health. I recommend listening to/watching Ramit Sethi, who has good financial reasons on renting instead of buying. Other people you may want to look at are people from the FIRE community like Jim Collins (also very anti-buying a home to live in), the Mad Fientist, and Mr. Money Moustache. Mr. Money Moustache retired at age 31 from investing over 70% of his income and investing it in real estate and index funds. Now when I say real estate I mean renting the property out or even buying to sell. So definitely do the math and do the research. Own your own home has become this weird “religion” in America pushed by …I don’t know…everyone like real estate agents who make money off it. There are so many hidden costs and TIME put in to owning your own property that you live in. I personally don’t own a home - it’s too expensive in my area. The house next to me just sold for 1.3 million and a few blocks down is a $3 million home. I also pay cheaper rent than most people in this city I think. Even better, my elderly friends worth tens of millions of dollars rent the home they live in and it’s less than what I pay - it’s like $1500 a month. They own properties they rent out but they don’t own the home they live in. For me, freedom is everything to me. I don’t have to work all of the time. I can just work part of the year and take a huge chunk off to do whatever, to heal from my taxing, non-sustainable job. I don’t think owning a home would allow me that lifestyle. But I might buy a home someday- not out of the question- it would just mean moving away from the city I love. I have to say, everything above relates to finances only. Of course, if it’s more emotionally rewarding for you to own a home, the financial investment piece of it may not matter as much. If it brings you happiness to own your property just for owning it - then finances/investments shouldn’t be the only reason to buy/not buy a home.
You should definitely have him back in a live stream for the check up! That would be a cool way of keeping stream content, and drawing viewers in. The check ups can easily be shorter and maybe you do like 1 stream a week, 3 guests an hour at a time online. Whatever you end up doing, just know you'll have at least one regular viewer 🙋🏼♂️
This channel has been so helpful to me. I'm clawing my way out of severe student debt and Caleb has helped me find the light at the end of this tunnel. It's not impossible, don't lose hope
Just to point out, that car he’s bought is actually a very special vehicle. Universally known for its bulletproof reliability. I understand the angst behind thinking that such an old car could be so reliable but these are one of those few cars that just continues to go and go and go forever with basic routine maintenance. I would highly suggest he keeps the car for the long haul. The depreciation hit has already happened and once it’s paid off will most likely appreciate based off having such low miles. Trust me. Keep that car brotha!
I like this guy, not as entertaining as the excuse makers that frequent this series, but you can tell his mind is in the right place. 100% believe he'll turn things around
this is great news, happy for you. i remember getting out in November, with my husband. a simple hack of accumulating wealth by little opportunities with a ubs analyst saved us. and till today. we own two houses and we are starting.
Caleb, I think that when you talk about HYSA and the APY they offer, you really should preface it with the fact that the rates do change and can go down if the govt lowers interest rates. Edit: I only mention it because I've seen people get surprised that the APY on their I-bonds have fallen, because they bought I-bonds when the rate was close to 9%.
I live in an area of the country where people describe cool things as "tight". My late father, a financial advisor coincidentally, used to troll my brother and me by saying "tight like a hammer". It was silly and made no sense and designed to make my brother and me roll our eyes at how lame my old man was, but we ended up adopting it as our own little inside joke. Also after 6 months or so of watching your videos I am CC debt free. $15k gone! Well Caleb, I think it is safe to say that your videos are tight. Tight like a Hammer.
I did my own audit based on your show and now I have a road map for my future. First month trying it out and when I'm shopping I hear your voice say "we're going cheap". Keep up the great videos!
I always love the Freudian line "give yourself a score of 0 out of 10" rather than "give yourself a score from 0 to 10" when asking the guests about their financial situation.
This episode hits close to home (literally) being an engineer in Michigan as well, albeit Eastern, and the same age. I'm beyond my debt clearing journey, and made a considerable amount less prior to getting this age. All that to say, I slashed my life to nothing 5 years ago and made sure to be very deliberate about spending and clearing debt. He can make it, he just needs to buckle down. His roommate idea would be great if he could do it, he could slash that living expense and accelerate this thing. Best of luck to him
Minor editing hiccup and I’m not sure if this has to do with automatically trying to factor in some interest, but, when Mitch says “I have $30,000 in student debt and $17,000 in additional debt” the visual jumps from $30,00 to $57,000 in debt.😅 2:54
Love Caleb, got myself out of about 15k of debt within a year by collectively taking advice from many videos. Keep cranking out the quality content Caleb and thanks for the help!
Havent watched this one yet, im just on a binge and wanted to let you know that this show has had me pouring over my finances this past week and setting things straight! Im one of the 48% of Americans making around 30k a year (though i do have the immense privilege of getting a hand me down car for free from the fam and no student loans for now) and the info I've learned has still helped me figure out how to achieve a 20+% savings rate! Finally figured out how to afford putting money my 401ks and it's all thanks to you Caleb!!
Im about to turn 28 and finally graduating with my bachelor's degree. I don't think it's too late. I couldn't start sooner since I was considered a dependent until age 26 and would have to take out loans. Once I became 26, I applied for my bachelor's and got a full fafsa ride. I'm about to graduate next week and I have no debt thanks to going this route. I do feel behind from my other friends that graduated at 24, but I'm still proud of myself for remaining consistent in my goal.
That’s not late at all! Don’t feel behind because time is subjective to your circumstances. Be proud that you finished because a lot of people don’t and debt free at that! I graduated at 26 because I had to practically take off every other semester due to financial reasons. At first I felt a little down and behind also but then I just realized that I could have given up due to societal and financial pressures but I didn’t and I’m super proud of myself. It’s never too late
I graduated with my Associates at 29. Started working and cash-flowed by Bachelors and got that by 32. No debt. I was WAY ahead of a lot of my “successful” high school friends. It’s never too late. I needed to wait until I was mature enough to handle the pressure and I’m glad I did.
Don’t feel behind you’re actually way ahead of everyone. They’ll be paying off loans still in their 40s while you’re chillin. You must be feeling great about that decision. Congrats!
You're def not behind. Also consider - so many 18 year old choose degrees they end up not using/hating etc - I feel like you probably already had a different mindset as well and kenw what you wanted, so that's another bonus of getting a degree 'later'
Tbh who wants to go on and show they have money and back it up just for people to start asking for help? Maybe not everyone has family like mine, but I’d prefer everyone think I’m poor
He has! And then everyone in the comments told him it's "boring" and "what's the point of having people on who don't need help" lol I agree though, I like seeing the successful ones too, it's nice to see how things should/could look if the debt hole never happened!
Bro, this guy honestly was not bad at all. Dear god, he ate food when he was hungry and is basically bone thin, the horror! He has debt because of college (and living expenses) like everyone, but that's it. The big thing that was not pressed on enough was the rent he's paying. $1600 is a pretty nice luxury apartment and based on the gas he's using he's not living close to work. He could probably get something basic closer to work for like $1000 (or live with family) and cut down on gas and save almost $1000/month right there. That's a whole lot of Jimmy Johns. And like a $10/month entertainment subscription? I mean, if it's a significant portion of your entertainment and keeps you from spending way more on other stuff? Go for it. Sweating over $2 charges and ignoring literally a thousand dollars that could be saved is just shtty financial advice.
It would be cool, I agree. I used to think the same thing. I just don’t think it’s the brand of the channel and a lot of people would be annoyed or bored. I think there’s something to staying true to how Caleb amassed all these followers- which is showing people with financial problems. I think there are other channels for showing the financially responsible
I think my husband may need to sit down with you, if we can get him to you. He has been out of work for over a year, took out student loans to go back to college, and opened credit cards (without me) to pay for things. I work full time and do my best to provide for him and our 2 kids, but my parents are having to help us financially even though they are in their late 60s and are retired with health issues. I don't know how to get him to wake up to the situation we're in. Our church was trying to help us, but they stopped when they realized that he's just not getting a job.
Michigan Unite! I also lived in ATX for awhile and met a LOT of people like this. In fact I was one, but now 5 years later I'm in a better place and investing each day. With your channel, I manage some blogs and your content would translate well to that form. The income there is more passive and would put your lessons in written form so your audience could apply your lessons to their life. If you want to chat more about it, let me know
Caleb, love the show! Please be careful about commenting the age that someone attended school. Some people did not have the opportunity at certain ages. I know of people who went to university in 50's and 60's because they were raising their families. It's never too late if it has been your dream. (And its not always to have a career out of it, but to accomplish your life-long goal)
Right, but I think he wants to know what the guest was doing before college etc. He doesn't get into it here but I find it helpful when he does question them more in other videos. Usually can give you an idea about the mindset the guest is in.
also you have to have 5k in 25 days to get the full 250. im only eligible for the 50$ bonus, but the interest in checking account is nice so i think i will keep it.
Call me skeptical and chicken, I was kinda wary about Sofi after learning about the background of the company, and that they are sueing Biden just for the student loan payment pause. Multiple capital raise even include last one from Qatar. Maybe requiring a direct deposit is a good thing, seemed a bit more logical business than all the red flags I am looking at.
Im sharing your channel with everyone I know !! Love your content you’ve inspired me to be more responsible and smarter with my finances. Thanks you 🙏🏽
Thank you for motivating us to take a look at our expenses. I think were ready to dump cable lol. We need to do a lot better with groceries. But mortgage + daycare is 50% of our income so it’s been rough. I need these children to get into kindergarten already 😂. Help
Not a parent, but was once a kid in a "co-op" daycare. It was a group of parents in my neighborhood who shared daycare. Each family took a day to watch all the neighborhood kids. My house was on Wednesday. We got to go to lots of our friends houses, play with new toys each day, taste lots of new foods, and us kiddos loved it. My mom loved having 4 days kid free! Lol! I remember other "part time" kids would come for a day or two, not sure how that worked out, but it sure was fun!
@@margostarcruiser1083 it sounds amazing to me! It’s just probably not doable as much now. People need to work full time to make ends meet. But I guess if you could find 5 people who could manage to work 4 days a week, you’d save a ton!
I know as a car guy it hurts to want to sell your car. But if you need to do it to be in a better financial spot it’s a good decision. He will own another one comfortably once he’s in a better spot! Rooting for him
Watching Caleb has changed my perspective on money so much! I was so dumb when I got my first credit card and didn’t understand it, now I know I’m not a credit card person. I am now tackling my debt and have already paid off two of my credit cards! I’m now kicking into gear with the rest of my debt and will be focusing on my emergency fund next! It’s an emergency when you don’t have your emergency fund! I also think it would be a good idea to maybe do some virtual financial audits for people who can’t travel to Texas!
Hey Caleb, wild idea: I know you focus mostly on people’s debt, but could there be a series of upbeat videos where you help people choose wise/important short & long term investment strategies? I think I’m speaking for the majority of us when I say we would greatly appreciate it! Love the content and consistency, keep up the great work!
Quick tip: try not to throw subtle daggers at people for finishing college “late”. I notice sometimes you’re like “oh just graduated? Kinda late!” People have their own paths. Otherwise, good stuff!
I think Caleb is saying 'late' specifically from a personal finance perspective meaning that his potential earning years post college are decreased compared with that they could possibly be. He later specifically references that his best compounding interest years are gone, which is a shame. The whole point is a kick up the pants for this guy. As someone who went to college as a mature student, ageism sucks. Debt also sucks, so I saved up to pay my own way through school- no way Caleb would say I was late!
@@minorcadence1 I get what you’re saying but I’m taking it as he said it. The guy stated his age and quickly after stated he just graduated and Caleb said oh that’s late. We didn’t even know the personal finance perspective yet.
@@minorcadence1agreed. The earlier you graduate, the earlier you establish steady income, the earlier you compound on everything else... Finances, assets, retirement, opportunities, etc., and that's what Caleb is implying.
For someone who practices mental fortitude (albeit directly what they see Infront of them) he kinda drops the ball on that front. Just the mental side of things can hamper someone in finishing school.
This guys going to do it! He’s taking direction, motivated, cute and organized, taking notes and all. Maybe A partner to share costs and he’ll be in great shape!
Red Wing does make good work boots. I know a lot of people that swear they are more comfortable and last significantly longer than cheaper boots. And they can be resoled and refurbished. If a certain type for boot is required for his job that is a minor luxury.
I'm going to have to disagree with the redwing boots being a bad purchase. If you have to wear boots at work for 40 hours a week, you don't cheap out on a hundred dollar pair. Redwings are probably one of the best pairs I've ever worn.
Man, I love this. 44 yrs old, married 21 years 4 kids and I'm just getting started. My wife worked before kids and 16 years later still struggling but moving forward slow as hell . I would love to sit down with you and wheel n deal
I have watched nearly all these episodes and Caleb generally gives good advice- but he totally needs to recalibrate what a ‘reasonable’ interest rate is nowadays! He is telling this guy to get a car loan at less than 4% which is just not possible. It skews the way Caleb views investments, down payments, etc
I think he is doing a lot better than he is even giving himself credit for. I really think the mindset shift will really help him moving forward. Thank you Caleb I don’t usually comment but really enjoy your content. You are always roasting people 😅 But they do sign up for it so they know what they are getting themselves into lol
Caleb, you should clarify to get the 4.3% APY with SoFi, you need to have direct deposit. This isn’t an issue for most people, but still should be noted.
And also if it is a High yield account, the APY is not set in stone, they can change their rate monthly, unlike CD deposits which comes with it's own sets of cons.
I love watching these videos, and realizing people are more in debt then they realize before coming onto this show. Hopefully everyone follows the budget he makes for them.
I used to have a Celsior! They're definitely fun cars! I think he'll be another easy success story, it's nice to see someone without 900 credit cards/different debts
@@stonechief8161 I agree! I honestly think I'd keep it...he's in a decent enough position that it isn't a make or break item for him. Although it sounds like he needs a daily driver since he's borrowing the truck? I don't know but they're not the easiest cars to come by, especially with such low km/miles (atleast here in Canada), it'd be nice to still have the fun car after the debt's gone haha
I work in infrastructure and low voltage cabling. that part about the work boots is true for literally every person that works in the field. $100 reimbursement means you can go and get $400 shoes......
You can purchase a good pair for $200 or less. I worked for a company in the past that would provide $100 show allowance every other year AND full prescription safety glasses. I heard from former co-workers that they also started paying for custom molded in-ears hearing protection. Speaking of steel-toed, or safety toe boots….they can cause great harm when used to kick someone or step on their toes. My sister’s husband insisted she and the kids wear slippers or socks when in the house in order to prolong the life of their cherry wood flooring and woven rugs. Only problem was that he refused to follow his rules, and tromp around wearing his work boots. Not only that, but if he felt that my sister was “getting out of line”, and spending too much time at work (end of quarter business reports), he’d use his steel-toed boots to kick her shins and ankles, and crush her toes when she was wearing her ‘required’ soft slippers at home. He actually meant to hobble her, requiring days of recovery, being unable to fit into her business shoes (heels), as he believed too many men might be paying too much attention to her. The 3rd time having broken toes AND a telephone cord wrapped around her neck in front of the children was the tipping point. Divorce was long and painful as he tried to hide assets. She ended up having two surgeries and has pins holding several toes together.
@@probablynot1368 little bit a weird trauma overshare, domestic abuse aside, safety toe are required on the work site as general PPE. I agree with you that you can find perfectly good workboots for much cheaper than redwings.
I worked in the Aerospace industry manufacturing engines, company gave us the $100 discount for Metatarsal shoes from Red Wings. I regularly paid $20-$60 after the discount, those shoes started falling apart in less than a month. Sucks that it's better to spend $200 from your own wallet in order to work for a company.
I just sold my car I owed money on, and used the remainder to pay off my credit card. Rest to savings. I set my 401k to contribute 18% per check. Caleb, your channel has a real impact. Thank you.
Not sure if anybody else has said this yet, but a Celsior is a very rad way to upset Caleb with an auto loan. Also very fitting for a mechanical engineer to pick a late 90s Toyota
I've never been *terrible* with money but I was wildly underemployed for a couple years and built up some (stupid) credit card debt. Sometime around December I found this channel and it finally gave me the motivation I needed to start budgeting (I use YNAB). Since the end of January (my first full month using it) I've increased my net worth by ~25% of my annual salary and I will very likely pay off the last of the credit card debt by the end of next month. Caleb would kill me for not having a solid emergency fund, but I promise that's next on the list!
Toyota Celsior is in fact a Lexus LS400 with Toyota badges. They easily run (if maintained properly) up to 500K miles , there's many example vids on this platform about them. Even 750K to million mile examples.
47 years old. I've been in debt my entire life. Within a year of listening to Caleb I will be debt free by December and ready to save for the rest of my life.
I was in credit card debt for 1 year and that was enough for me
Hey congrats!! Excited for you by the end of December keep it up 😁
Proud of you. Celebrate by eating in 😭
🎉🥳 almost there
That is amazing!! You're breaking the cycle, you got this!
Caleb is one of the most consistent UA-cam creators out there. I respect the work he puts into these! Great job dude.
Thank you 😊
I worry for his sanity, and his blood pressure.
I just wanna know how booked his schedule is, because this man stays busy
@matthewclark4958 I'd say if you contacted him now you could be debt free by 2025. 🤣
@@irishbob26 🤣🤣🤣🤣 thankfully I think I'm learning enough on this side of the screen
My first pair of work boots was a cheap 100 dollar pair that gave me foot problems and fell apart after a year. I didn't make that mistake twice. Dropping a couple hundred on a nice pair of work boots is worth it over everything else he's spending.
Try danner super rainforests and you’ll never go back
Footwear is something you splurge on 😁
Agreed. Somebody with a desk job knows nothing about good work boots and how much they cost.
I said this elsewhere but redwing shoes are THE BEST SHOES IVE WVET OWNED. They’re still made in Red Wing minnesota. They’re reparable, durable, and comfortable. An average pair lasts 5+ years for me doing 15k ish steps a day often in the rain.
Facts! Work boots are an investment. Mine were $250, but they were covered by my job luckily!
I think this guest has a real shot at success. He seems super receptive and genuine in his wanting to turn it around. We're rooting for you!
Not through the whole ep but this dude is really humble, much respect. He took the punches right to the chin and didn’t come up with BS excuses for everything.
Every other UA-camr: "I want to upload more frequently"
Caleb: "hold my Panda Express"
But seriously, thank you for your consistency, Caleb!
🤣🤣🤣
🐼 🚂
Lmao😂
You can't afford to be getting panda express! Go get something from the frozen food section!
He’s cashing out while he can
Two years ago, I was locked into TWO payday loans at 49%. 4f$&king9 %
Now, I’m debt free and staying the course and watching Caleb has REALLY helped me out my purchases in perspective. I have a huge savings now and still adding now that I won’t spend my money on “garbage”
Payday loans are so fricked up. Even if a person tries to be responsible with it they screwed with deadly amounts of debt
I think that's illegal...
I'm always here seeing Caleb going DEATH ABSOLUTE DEATH everytime something has an interest of 15%
Meanwhile credit card interest rates on Brazil is peaking at 450% a year right now
I now understand why after my parent got themselves neck deep into that they never managed to pay it off
Plus explains my deeep fear of credit cards and why I'm never touching one even now that I am in a country with a more normal interest rate
This reminds me of late night advertisements for credit/loans through Native American banks but the fine print was something like 70% APR like what???? Even my 15 yo self was like thats crazy.
As someone who spends 12 hours a day standing on concrete, boots are an absolute lifeline for the working man 🤷🏻♂️ one of the few times I'll ever agree with spending money 👊
I love the diverse range of people he gets on these. Both financially, and demographically. It just shows that no matter where you come from or what you do, financial irresponsibility exists everywhere!
Some more than others…
I really would like caleb to do "REVISIT AUDITS" like a year or 2 later check in with the people and see how they have progressed on the plans he sets for them and thier situation
Caleb does check in with many of these people after 6 months and have them on the show, if they agree to come!
I've heard he does them, but I haven't seen them posted... maybe he just communicates via email? :-(
He’s done a few, but I wonder how many people decline the follow up 🫠
@@zbrlvr he does them, he did like three in a row a few weeks ago
He had one guy come back 3 times
My husband and I have been drowning in minimum payments since we got married a year ago.
We have been watching Caleb for the last 2 months. We now have a steady budget, and have a debt snowball plan to be completely credit card/car debt free in 38 months!
It sounds like a lot of time but we are still in our early 20’s! We are tryin to tackle before it’s too late.
You got this
Good luck!!!! You guys will do it 🎊
Cut up your credit card.
Good luck! U got this 🔥
Keep it up 🎉
11:00 AM on a Monday, we know what time it is. Moring Hammer Family
I feel sorry for you people on the east coast. I would be dying waiting until 11 am 😂
Asoon as i get to work at 8 I set up and watch lol
8 AM for me lol. Good morning!
8am pacific time
Morning!😊
Out of all the finance youtubers on this platform, this channel has had the biggest impact on my behavior and attitude regarding my finances. I discovered this channel a week ago and since then, i have, for the first time, created a budget to dig myself out of a hole of debt. It is going to be a long and hard process, and i would give a lot to go back in time to do things differently, but the blinders are off and I'm making the changes necessary for my financial future.
That’s great! Keep up the good work!
The more I watch these videos, the more I realize just how normal it is for people to have debt. I get why, but at the same time this terrifies me for future generations. A lot of them won't be able to escape it. Also, Mitch looks like he could be part of the Ryan Gosling family.
The government doesn’t allow to teach about investing in schools 🏫 they can only teach how to become a good obedient worker. A salary is there to distract you from the American dream
I though he was a cutie too 😆
@@EAAAA1505 I just said he looked like Ryan Gosling, not that he was cute lol. But I'm happy you got some to see some eye candy along with Caleb's sass today.
Stagnant real wages for the past 70 years, lack of affordable upward mobility. Of course debt is gonna be normal that's how you the S&P500 can get average 10% yearly return, everything is just borrowed debt and bullshit P/E and stock buyback manipulation.
It’s not normal to have debt,
People are just irresponsible and don’t know how to differentiate between wants and needs.
I get so excited when Caleb posts. Even when he’s fussing at the guest it’s comforting to me (I know his advice is rooted in truth and concern).
Same! It really is a sense of comfort watching Caleb.
I agree. I know he likes a number of Dave Ramsey content. But he's SOO much more relatable and doesn't yell and call PPL stupid. He calls choices stupid. Very different. He also has MUCH more understanding for these ppl.
Shoutout to editor Brandon and the other Hammerheads that help make this show possible. ❤ Great work on graphics, pacing and editing.
It's pretty basic stuff brah. Is this pos-posting what calum is paying you to do for his channel?
Hammer heads!! Lol! I love this!😂
Cheers brah
@@margostarcruiser1083 HAMMERHEADS, LOVE IT!
Everyday I live my life like Caleb will audit me tomorrow, it really helps with unnecessary spending!
Wow, I actually love that! Next time I'm considering something that I don't really need I'll just ask myself: 'What would Caleb have to say about this?' ... right, back on the shelf 😂
Same here. I want to be Caleb battle ready 😂
I believe this guy Will follow-through and get his financial life on track! I don't see his car being am issue, i see his $1600 rent being a greater issue.
I'm not gonna lie: this channel has made me feel amazing about my choices and money management but it has also motivated me to do better. There's a lot of room for improvement in my finances and recent events plus this channel have made me more conscious and grateful.
My goal is to be too boring to be invited to this show. I think I'm doing pretty good.
if you knew the difference between wearing $100 work boots and $350 red wing boots you would understand his decision.
I agree some of this could be a need. He should also have 2 or 3 jobs though
$100 metatarsal shoes start falling apart faster than Walmart shoes. Standing on hard floor for 9-12 hours wearing $300 shoes for people with Plantar Fasciitis is a gamechanger.
I totally understand this! I'm a nurse and all of the shoes I wear for work cost upwards of $150 each when not on sale. You need to invest in your feet/back sometimes .
When your feet are tired and ill-supported your whole body gets prematurely tired and your feet, over time, get jacked up. I wish someone would have told me this early on in life. That and wearing work gloves as a best practice while doing manual-type work. It really makes a difference.
Facts. Ive heard it said youre most likely to die in your boots or in your bed, so dont cheap out on either
I don't get where people think he's so mean. He shows an incredible passion and love for what he does, which is honestly trying to help others. I can guarantee the financial mess some are in are facing alot worse if it's not taking care of. Blessings to everyone.
Some people just see clips when he's going in on them. Without the big picture, i can see how people may think that
Because he's only using the stick, not the carrot. It's one thing to say, OK, no fun for two years, but he should say that after that, we're going out to eat, we're traveling for fun, we're getting our subscriptions back, and we're spending money.
@@pjabrony8280 Some of these people have had too many carrots
@@pjabrony8280he does that.... I guess you didn't watch the video till the end
42:00
@@22dolxxxphin22 I did. He says to spend on things you want for one sentence, then spends thirty seconds bashing Jimmy John's.
Look, this is a point that Caleb doesn't make, and neither does Dave Ramsey or any other personal finance advisor I know of: you have to change your behavior, but you don't have to change your attitude. If you want to get your finances in order, not so that you can spend on "adult" things but so that you can spend on the impulses you do now, there's nothing wrong with it.
Hi Caleb! I appreciate your videos so MUCH!! Ever since I started watching them late January 2023 I've been so motivated to get rid of my debt! I got so caught up in living a life I could I "survive on" verses surviving under my means available so I can start LIVING a life I want. This week is my last payment towards my $13k credit card debt that I started snowballing in February this year. I cant wait to start my life of financial freedom :).
Thank you again!!!!
Inspiration
Awesome
Killin it! Amazing! ❤
Caleb is dead on with his post debt advice maxing out 401k, Roth IRA, investing 30% etc. Problem is he rushes through it. Voluntarily setting aside 30% of your income isn’t easy. In my experience, it feels like living paycheck to paycheck despite being debt free. Long term it’s a good feeling but in the short term, it felt like I was still punishing myself despite getting out of debt.
What I'm currently doing is 15% into 401k, maxing Roth IRA (~8%), and taking the remainder as cash. If I don't use that cash, I'll either put it in my emergency fund or in my brokerage account. This way, if I have an expense in any given month, I don't have to modify paycheck withholding for 401k. Yes, technically I am not taking advantage of my 401k for that extra money, but my philosophy is that you need to have brokerage money as well ($40k/year is subject to a low 0% long term capital gains rate for single filer).
Not that smart or he would have crypto of which is the future. Made more in 3 years than most of my work years
@@donaldcedar7574 I wouldn't say "no point." Like I mentioned, brokerage accounts do offer a substantial tax advantage with regards to capital gains taxes. Also, having brokerage assets allows you to make withdrawals during early retirement and keep your taxable income very low, which allows you to convert pretax assets to Roth. That's why it makes sense to build all three tax buckets even if you're not maxing out.
I feel the same way! I am debt free and I invest about 13% of my income(Roth).. definitely not a lot because I’m already 33yo. But I only make around 45k per year in SoCal so I do what can at this moment. And even though I’m debt free, it feels like I’m living paycheck to paycheck, because all my money has a place to go - and any extra money goes to investing or one of my saving buckets. 😅
@@donaldcedar7574 I'm already maxing out my Roth IRA
I clicked this so fast I’m addicted to financial audit! I just paid off all of my credit cards and my car is next! About to get rid of that bad debt and I AM NOT A CREDIT CARD PERSON
*additcted
@@aquanote2694 addicted**
@@LostRams 😂
I always find the "graduate late" comment odd. Like...I'm not a college grad and I have a blessed income - I never had a reason to go/finish. Maybe I decide to go for a change in career or to learn a new discipline? But I'm not doing it late, I'm doing it when life calls for it. This institutionalized "time" to go to college is part of a bigger problem with American society. Regardless - awesome content, best wishes to Mitch.
I *think* when Caleb says that, he is hearing "unpaid student loans" in his head, but yes, I agree. I did the traditional route and went straight into college in a niche field and I was the youngest in my class. The average age was 32.
I started college at 25 and yeah I hate stigma too... I couldn't cash flow college before then and I wish more people were encouraged to wait instead of hearing people treat finishing 4-5 years late as some kind of problem with you.
Agree. I think a year (or more optionally) of public service could be transformative for participants and communities, parks, etc., around the country.
This is a guy who can be helped. Good for him.
I'd rather someone go "late" and actually know what they want to do than go just to go and blow all time and loans on shit.
Tell him about Libby!!!! It’s an app with free books and audiobooks through his public library! I love it. 14:25
I'm from Grandrapids!!! It makes my Michigan heart happy to see the wooden decoration behind you. In Tulsa OK now. Headed home for the first time in ten years. Getting to take my family for the first time. A big part of that is thanks to your show helping me get my shit together and cut out the bullshit spending.
Ayo great stuff Caleb! At 2:51 the video added his debt to $57,000 it should be $47,000 ($30,000 in student loans and $17,000)
Thought I misheard something so I started looking through the comments and saw this. Glad I wasn’t the only one!
The more I watch the more I realize how small purchases do add up. We seem to always underestimate how much money we loose on nonessential things each day on a number of things- they always seem fewer when they are ours.
It is so much easier to notice it for other people but not for yourself.
Btw congrats on 500k +! 😊
Reminds me of a few years ago I realized one item I was getting, only cost $1.50, but I was consuming 4 a day, that was $180 a month.... talk about an eye-opener.
Yea it kinda sucks, you basically cant buy Anything Ever if you actually want to save.
Hi Caleb, thanks for the coffee fodder, and I enjoy both watching and listening to your program. Keep up the incredible work!
Awesome, thank you!
You keep dropping these videos, we keep watching them. Thank you for your efforts to improve others lives
The SoFi bonus is only $50 for the vast majority of people. The evaluation period for the $250 is $5k in direct deposits in 25 day period. Most people are paid bi-weekly, so you'd need to be taking home $5k a pay period to qualify since bi weekly *2 is 28 days
A lot of people in their 20’s spend like this. I know I was horrendous in my 20’s with spending - racked up so much in credit card debt. I had to keep up with my friends, traveling and new clothes etc. But I also racked up $170,000 in student loans after grad school. My anxiety over this kicked my butt into gear. I got rid of those loans in 5 years because I just couldn’t handle that much in debt. My mentality in my 30’s also were different than in my 20’s - I just didn’t give an F about what people thought of me anymore. I drove my old 2005 corolla then, which I still have and use. So I say this to point out that - money is not just about our mental health or knowledge about finances - it’s about growing up, about changing your perspective on what makes you happy. Mr. Money Mustache focuses on that - “what makes you happy?” If having a yacht makes you happy, then make sure to make a lot of money to afford that- or spend less on things that don’t make you happy or you don’t care about. If simple living, not needing to keep up with the Joneses fulfills you - then you probably don’t have to make as much to be happy and financially secure.
🎯🎯🎯🎯
@@cnlovin17 oh gosh. I don’t recall it was long ago. I was privileged enough to be accepted into the NHSC program. Obama at the time put in millions of dollars into this program. If he had not done this I don’t know if I would’ve been accepted - I heard it was hard to get approved for this loan forgiveness program. Essentially what NHSC will do is pay off your student loans in exchange for your work in a federally qualified community health clinic as a doctor, PA, NP or dentist. If you work 2 years you get $50K tax free, this is on top of your salary. So I did that and got a total of $80K tax free towards my student loans. Those all went to the high interest private loans first, like to 8% loans. This sounds like easy money but it is not. For me, after working a few months in my clinic - the program asked me for my bank account so they can wire $50K into it. And I told them - keep the money, I don’t want it. I’m leaving. I was so burned out even after a few months. They begged me to take it because they had so much to give and told me that I could transfer to another clinic (which was also not easy to do prior to me starting work- i really lucked out). So i took it and suffered. Years taken off of me doing this kind of work- a lot of sacrifice during these years. No buying a house (I still don’t own a house because I don’t want a mortgage), no traveling. So on top of the loan repayment given to me, i put all of my paycheck towards the debt each month. I also had enough to max out my 401k eventually. So I saved for retirement and paid off my loans while living like a college student. If you decide to pay off your loans really fast, be careful not to overspend after you’re done doing that. That’s a thing that happens to people with anxiety like me - and I did do that for a bit, but I didn’t get into any more debt - i just was not good with spending a couple of years after. Our brains/psychology are weird sometimes.
@@cnlovin17 btw, good luck on your debt repayment journey! You’ll enjoy the other side of it
I consider myself lucky to have zero debt at 25 and two paid off cars. Got $24k invested but I need a house. Not sure if I should keep renting and just pile on the investment, or use the $24k to buy a house and start over investing.
@@SRTBOAT Hmm…I’m not sure what happened to my original long post. So here is another, assuming the other got erased into the netherworld. I just wanted to say that I’m impressed by your discipline - I’m sure it’s not just luck. You are way ahead of most people your age and that’s amazing! In terms of buying a house, I believe you are talking about buying a primary house to live in. In that case, I recommend doing the math and research before throwing all of your liquid investment into that. If you live in a high cost of living area like NYC or San Francisco, buying a home may not be the best investment or at least good for you financial health. I recommend listening to/watching Ramit Sethi, who has good financial reasons on renting instead of buying. Other people you may want to look at are people from the FIRE community like Jim Collins (also very anti-buying a home to live in), the Mad Fientist, and Mr. Money Moustache. Mr. Money Moustache retired at age 31 from investing over 70% of his income and investing it in real estate and index funds. Now when I say real estate I mean renting the property out or even buying to sell. So definitely do the math and do the research. Own your own home has become this weird “religion” in America pushed by …I don’t know…everyone like real estate agents who make money off it. There are so many hidden costs and TIME put in to owning your own property that you live in. I personally don’t own a home - it’s too expensive in my area. The house next to me just sold for 1.3 million and a few blocks down is a $3 million home. I also pay cheaper rent than most people in this city I think. Even better, my elderly friends worth tens of millions of dollars rent the home they live in and it’s less than what I pay - it’s like $1500 a month. They own properties they rent out but they don’t own the home they live in. For me, freedom is everything to me. I don’t have to work all of the time. I can just work part of the year and take a huge chunk off to do whatever, to heal from my taxing, non-sustainable job. I don’t think owning a home would allow me that lifestyle. But I might buy a home someday- not out of the question- it would just mean moving away from the city I love.
I have to say, everything above relates to finances only. Of course, if it’s more emotionally rewarding for you to own a home, the financial investment piece of it may not matter as much. If it brings you happiness to own your property just for owning it - then finances/investments shouldn’t be the only reason to buy/not buy a home.
Honestly respect to this guy. Very reasonable guest who I think has hope still.
This show makes me feel so much better about my financial position.
only a true friend is willing to hurt your feelings in order to save you from disaster, everyone needs a friend like Caleb in their life
You should definitely have him back in a live stream for the check up! That would be a cool way of keeping stream content, and drawing viewers in. The check ups can easily be shorter and maybe you do like 1 stream a week, 3 guests an hour at a time online. Whatever you end up doing, just know you'll have at least one regular viewer 🙋🏼♂️
This channel has been so helpful to me. I'm clawing my way out of severe student debt and Caleb has helped me find the light at the end of this tunnel. It's not impossible, don't lose hope
Just to point out, that car he’s bought is actually a very special vehicle. Universally known for its bulletproof reliability. I understand the angst behind thinking that such an old car could be so reliable but these are one of those few cars that just continues to go and go and go forever with basic routine maintenance. I would highly suggest he keeps the car for the long haul. The depreciation hit has already happened and once it’s paid off will most likely appreciate based off having such low miles. Trust me. Keep that car brotha!
I agree, he will definitely miss it/regret it if he sells it.
@@tylereg4764 I really hope he kept it, man.
@@cheeseontoastbrah Right! I’m trying to tell people bro 😂
@@ValiantAngelhahaha my ears perked when he said celsior. I have a 96 pickup and will do a 1uz swap in the future
@@567Krissnice, I hope the build is going well!
I like this guy, not as entertaining as the excuse makers that frequent this series, but you can tell his mind is in the right place. 100% believe he'll turn things around
Would like to see a list of follow up stories. Mitch seems like he will do well with a budget. Refreshing to see someone who owns his mistakes
My husband and I are officially debt free today. Age 24 and 29 ❤
Excited to start working towards our dream home for our two children ❤
That is awesome! I'm working my way there as well! Not there yet
Congrats don’t forget the 401k you would be shocked how quickly the years roll by.
this is great news, happy for you. i remember getting out in November, with my husband. a simple hack of accumulating wealth by little opportunities with a ubs analyst saved us. and till today. we own two houses and we are starting.
Caleb,
I think that when you talk about HYSA and the APY they offer, you really should preface it with the fact that the rates do change and can go down if the govt lowers interest rates.
Edit: I only mention it because I've seen people get surprised that the APY on their I-bonds have fallen, because they bought I-bonds when the rate was close to 9%.
Wait for I bonds to have a fixed rate before buying them 🫡
@@JunkSock But the fixed rate is almost always lower than the variable rate. Right now it's less than 1%, while the variable rate is under 4%.
I live in an area of the country where people describe cool things as "tight". My late father, a financial advisor coincidentally, used to troll my brother and me by saying "tight like a hammer". It was silly and made no sense and designed to make my brother and me roll our eyes at how lame my old man was, but we ended up adopting it as our own little inside joke.
Also after 6 months or so of watching your videos I am CC debt free. $15k gone!
Well Caleb, I think it is safe to say that your videos are tight.
Tight like a Hammer.
I did my own audit based on your show and now I have a road map for my future. First month trying it out and when I'm shopping I hear your voice say "we're going cheap". Keep up the great videos!
I always love the Freudian line "give yourself a score of 0 out of 10" rather than "give yourself a score from 0 to 10" when asking the guests about their financial situation.
This episode hits close to home (literally) being an engineer in Michigan as well, albeit Eastern, and the same age. I'm beyond my debt clearing journey, and made a considerable amount less prior to getting this age. All that to say, I slashed my life to nothing 5 years ago and made sure to be very deliberate about spending and clearing debt.
He can make it, he just needs to buckle down. His roommate idea would be great if he could do it, he could slash that living expense and accelerate this thing. Best of luck to him
Minor editing hiccup and I’m not sure if this has to do with automatically trying to factor in some interest, but, when Mitch says “I have $30,000 in student debt and $17,000 in additional debt” the visual jumps from $30,00 to $57,000 in debt.😅 2:54
I caught that too, it’s why I was going through comments
I was going to say it too but didn't want to look dumb if I was wrong. Lol. 😊
Love Caleb, got myself out of about 15k of debt within a year by collectively taking advice from many videos. Keep cranking out the quality content Caleb and thanks for the help!
Havent watched this one yet, im just on a binge and wanted to let you know that this show has had me pouring over my finances this past week and setting things straight! Im one of the 48% of Americans making around 30k a year (though i do have the immense privilege of getting a hand me down car for free from the fam and no student loans for now) and the info I've learned has still helped me figure out how to achieve a 20+% savings rate! Finally figured out how to afford putting money my 401ks and it's all thanks to you Caleb!!
I’m learning so much from this channel! I feel so lucky to have access to this knowledge at such a young age
Im about to turn 28 and finally graduating with my bachelor's degree. I don't think it's too late. I couldn't start sooner since I was considered a dependent until age 26 and would have to take out loans. Once I became 26, I applied for my bachelor's and got a full fafsa ride. I'm about to graduate next week and I have no debt thanks to going this route. I do feel behind from my other friends that graduated at 24, but I'm still proud of myself for remaining consistent in my goal.
That’s not late at all! Don’t feel behind because time is subjective to your circumstances. Be proud that you finished because a lot of people don’t and debt free at that! I graduated at 26 because I had to practically take off every other semester due to financial reasons. At first I felt a little down and behind also but then I just realized that I could have given up due to societal and financial pressures but I didn’t and I’m super proud of myself. It’s never too late
I graduated with my Associates at 29. Started working and cash-flowed by Bachelors and got that by 32. No debt. I was WAY ahead of a lot of my “successful” high school friends. It’s never too late. I needed to wait until I was mature enough to handle the pressure and I’m glad I did.
Don’t feel behind you’re actually way ahead of everyone. They’ll be paying off loans still in their 40s while you’re chillin. You must be feeling great about that decision. Congrats!
You're def not behind. Also consider - so many 18 year old choose degrees they end up not using/hating etc - I feel like you probably already had a different mindset as well and kenw what you wanted, so that's another bonus of getting a degree 'later'
Who thinks it would be cool if Caleb did a video on someone who IS financially responsible? Idk, might be cool to highlight a good example
Tbh who wants to go on and show they have money and back it up just for people to start asking for help? Maybe not everyone has family like mine, but I’d prefer everyone think I’m poor
He has! And then everyone in the comments told him it's "boring" and "what's the point of having people on who don't need help" lol
I agree though, I like seeing the successful ones too, it's nice to see how things should/could look if the debt hole never happened!
Bro, this guy honestly was not bad at all. Dear god, he ate food when he was hungry and is basically bone thin, the horror!
He has debt because of college (and living expenses) like everyone, but that's it.
The big thing that was not pressed on enough was the rent he's paying. $1600 is a pretty nice luxury apartment and based on the gas he's using he's not living close to work. He could probably get something basic closer to work for like $1000 (or live with family) and cut down on gas and save almost $1000/month right there. That's a whole lot of Jimmy Johns. And like a $10/month entertainment subscription? I mean, if it's a significant portion of your entertainment and keeps you from spending way more on other stuff? Go for it.
Sweating over $2 charges and ignoring literally a thousand dollars that could be saved is just shtty financial advice.
It would be cool, I agree. I used to think the same thing. I just don’t think it’s the brand of the channel and a lot of people would be annoyed or bored. I think there’s something to staying true to how Caleb amassed all these followers- which is showing people with financial problems. I think there are other channels for showing the financially responsible
Or a where are they now series of previous guests. Some who turn it around and those who don’t.
I think my husband may need to sit down with you, if we can get him to you. He has been out of work for over a year, took out student loans to go back to college, and opened credit cards (without me) to pay for things. I work full time and do my best to provide for him and our 2 kids, but my parents are having to help us financially even though they are in their late 60s and are retired with health issues. I don't know how to get him to wake up to the situation we're in. Our church was trying to help us, but they stopped when they realized that he's just not getting a job.
Michigan Unite! I also lived in ATX for awhile and met a LOT of people like this. In fact I was one, but now 5 years later I'm in a better place and investing each day. With your channel, I manage some blogs and your content would translate well to that form. The income there is more passive and would put your lessons in written form so your audience could apply your lessons to their life. If you want to chat more about it, let me know
Caleb, love the show!
Please be careful about commenting the age that someone attended school. Some people did not have the opportunity at certain ages.
I know of people who went to university in 50's and 60's because they were raising their families.
It's never too late if it has been your dream.
(And its not always to have a career out of it, but to accomplish your life-long goal)
Right, but I think he wants to know what the guest was doing before college etc. He doesn't get into it here but I find it helpful when he does question them more in other videos. Usually can give you an idea about the mindset the guest is in.
I fully agree.😊
Just a tip for everyone, Sofi requires direct deposit to get the 4.3%. Citizens Access bank has a high yield with 4.5% rate with no requirements.
also you have to have 5k in 25 days to get the full 250. im only eligible for the 50$ bonus, but the interest in checking account is nice so i think i will keep it.
Vanguard also has a savings with no Dd requirement that’s currently at I believe 4.5%, but you do have to be an existing brokerage customer
Robin Hood is 4.65% but costs $5 per month
Ally is at 4% right now as well with no minimums or direct deposit 😊
Call me skeptical and chicken, I was kinda wary about Sofi after learning about the background of the company, and that they are sueing Biden just for the student loan payment pause. Multiple capital raise even include last one from Qatar. Maybe requiring a direct deposit is a good thing, seemed a bit more logical business than all the red flags I am looking at.
I started watching your channel with 9,000 credit card debt Im down to 1,000 🤣🔥 thanx for the fire
Im sharing your channel with everyone I know !! Love your content you’ve inspired me to be more responsible and smarter with my finances. Thanks you 🙏🏽
Thank you for motivating us to take a look at our expenses. I think were ready to dump cable lol. We need to do a lot better with groceries. But mortgage + daycare is 50% of our income so it’s been rough. I need these children to get into kindergarten already 😂. Help
Omg finally another parent I can relate too 😭
@@masonrich365 I’m waiting for Caleb to help someone like us haha
Not a parent, but was once a kid in a "co-op" daycare. It was a group of parents in my neighborhood who shared daycare. Each family took a day to watch all the neighborhood kids. My house was on Wednesday. We got to go to lots of our friends houses, play with new toys each day, taste lots of new foods, and us kiddos loved it. My mom loved having 4 days kid free! Lol! I remember other "part time" kids would come for a day or two, not sure how that worked out, but it sure was fun!
@@margostarcruiser1083 uncle Chester is a fun guy
@@margostarcruiser1083 it sounds amazing to me! It’s just probably not doable as much now. People need to work full time to make ends meet. But I guess if you could find 5 people who could manage to work 4 days a week, you’d save a ton!
I know as a car guy it hurts to want to sell your car. But if you need to do it to be in a better financial spot it’s a good decision. He will own another one comfortably once he’s in a better spot! Rooting for him
Caleb is out there grinding away, working hard, and reminding us all we should be too and I appreciate it all ❤
Watching Caleb has changed my perspective on money so much! I was so dumb when I got my first credit card and didn’t understand it, now I know I’m not a credit card person. I am now tackling my debt and have already paid off two of my credit cards! I’m now kicking into gear with the rest of my debt and will be focusing on my emergency fund next! It’s an emergency when you don’t have your emergency fund!
I also think it would be a good idea to maybe do some virtual financial audits for people who can’t travel to Texas!
Just wanted to say thank you Caleb. I found your channel 3 months ago and I am finally credit card debt free for the first time in 8 years!!
Who needs cable when you got Caleb 😃
Underrated
Hey Caleb, wild idea: I know you focus mostly on people’s debt, but could there be a series of upbeat videos where you help people choose wise/important short & long term investment strategies? I think I’m speaking for the majority of us when I say we would greatly appreciate it! Love the content and consistency, keep up the great work!
Gotta interject about the Red Wings, those work boots are gonna last him 7+ years as long as he looks after them
First off, love his hat. Second, I think Mitch is going to do great. He is smart and motivated, he’ll get it done.
Quick tip: try not to throw subtle daggers at people for finishing college “late”. I notice sometimes you’re like “oh just graduated? Kinda late!” People have their own paths. Otherwise, good stuff!
I agree! It’s not necessary
I think Caleb is saying 'late' specifically from a personal finance perspective meaning that his potential earning years post college are decreased compared with that they could possibly be. He later specifically references that his best compounding interest years are gone, which is a shame. The whole point is a kick up the pants for this guy.
As someone who went to college as a mature student, ageism sucks. Debt also sucks, so I saved up to pay my own way through school- no way Caleb would say I was late!
@@minorcadence1 I get what you’re saying but I’m taking it as he said it. The guy stated his age and quickly after stated he just graduated and Caleb said oh that’s late. We didn’t even know the personal finance perspective yet.
@@minorcadence1agreed. The earlier you graduate, the earlier you establish steady income, the earlier you compound on everything else... Finances, assets, retirement, opportunities, etc., and that's what Caleb is implying.
For someone who practices mental fortitude (albeit directly what they see Infront of them) he kinda drops the ball on that front.
Just the mental side of things can hamper someone in finishing school.
This guys going to do it! He’s taking direction, motivated, cute and organized, taking notes and all. Maybe A partner to share costs and he’ll be in great shape!
Red Wing does make good work boots. I know a lot of people that swear they are more comfortable and last significantly longer than cheaper boots. And they can be resoled and refurbished. If a certain type for boot is required for his job that is a minor luxury.
You are amazing Caleb. The manner in which you speak genuinely helps solidify the importance between wants and needs
I'm going to have to disagree with the redwing boots being a bad purchase. If you have to wear boots at work for 40 hours a week, you don't cheap out on a hundred dollar pair. Redwings are probably one of the best pairs I've ever worn.
Don't cheap out on boots, batteries, tires, or insurance
Man, I love this. 44 yrs old, married 21 years 4 kids and I'm just getting started. My wife worked before kids and 16 years later still struggling but moving forward slow as hell . I would love to sit down with you and wheel n deal
As someone from Grand Rapids, I love recognizing all the stuff on his spending statements lol
Always get excited when someone from Michigan comes on, SE Michigan over here 🙋♀️
30k+17k = 47k, not 57k
This video goes to show how bad renting is getting everywhere. $1600 for a tiny 1 bed 1 bath in Michigan.
HEY!!!!! I find that very interesting, because I'm from Grand Rapids!
I love how honest both of these guys are
I have watched nearly all these episodes and Caleb generally gives good advice- but he totally needs to recalibrate what a ‘reasonable’ interest rate is nowadays! He is telling this guy to get a car loan at less than 4% which is just not possible. It skews the way Caleb views investments, down payments, etc
We got a 4.2% interest rate with a 805 credit score and that was MONTHS ago, rates have gone up multiple times since then
His attitude is a lot better than many. Good luck!
I think he is doing a lot better than he is even giving himself credit for. I really think the mindset shift will really help him moving forward. Thank you Caleb I don’t usually comment but really enjoy your content. You are always roasting people 😅 But they do sign up for it so they know what they are getting themselves into lol
Every video you seem to have 20k more subs! Good job Caleb!!!! Congrats!
Caleb, you should clarify to get the 4.3% APY with SoFi, you need to have direct deposit. This isn’t an issue for most people, but still should be noted.
Yep, that's why I can't use it.
And also if it is a High yield account, the APY is not set in stone, they can change their rate monthly, unlike CD deposits which comes with it's own sets of cons.
Is that because in the US you guys still practice that ancient system known as pay cheques?
I love watching these videos, and realizing people are more in debt then they realize before coming onto this show. Hopefully everyone follows the budget he makes for them.
As a Canadian it's fascinating to me to hear someone from Texas say I LOVE ME SOME TIMMIES😂 Love the Tim's reppin there Caleb!
I love that in the last week or so Caleb has gotten over 10k subscribers. That is wild, I am mad that I didn't find this channel sooner.
This is better than therapy. Some people need an outside person who isn't afraid to tell them where they're fucking up. It's wondeful.
I used to have a Celsior!
They're definitely fun cars!
I think he'll be another easy success story, it's nice to see someone without 900 credit cards/different debts
Celsiors are dope! I think he could do well even if he kept it. As wrong as it sounds, those old jdm cars will make people money in the long run.
@@stonechief8161 I agree! I honestly think I'd keep it...he's in a decent enough position that it isn't a make or break item for him. Although it sounds like he needs a daily driver since he's borrowing the truck? I don't know but they're not the easiest cars to come by, especially with such low km/miles (atleast here in Canada), it'd be nice to still have the fun car after the debt's gone haha
I work in infrastructure and low voltage cabling. that part about the work boots is true for literally every person that works in the field. $100 reimbursement means you can go and get $400 shoes......
You can purchase a good pair for $200 or less. I worked for a company in the past that would provide $100 show allowance every other year AND full prescription safety glasses. I heard from former co-workers that they also started paying for custom molded in-ears hearing protection.
Speaking of steel-toed, or safety toe boots….they can cause great harm when used to kick someone or step on their toes. My sister’s husband insisted she and the kids wear slippers or socks when in the house in order to prolong the life of their cherry wood flooring and woven rugs. Only problem was that he refused to follow his rules, and tromp around wearing his work boots. Not only that, but if he felt that my sister was “getting out of line”, and spending too much time at work (end of quarter business reports), he’d use his steel-toed boots to kick her shins and ankles, and crush her toes when she was wearing her ‘required’ soft slippers at home. He actually meant to hobble her, requiring days of recovery, being unable to fit into her business shoes (heels), as he believed too many men might be paying too much attention to her. The 3rd time having broken toes AND a telephone cord wrapped around her neck in front of the children was the tipping point. Divorce was long and painful as he tried to hide assets. She ended up having two surgeries and has pins holding several toes together.
@@probablynot1368 little bit a weird trauma overshare, domestic abuse aside, safety toe are required on the work site as general PPE.
I agree with you that you can find perfectly good workboots for much cheaper than redwings.
I worked in the Aerospace industry manufacturing engines, company gave us the $100 discount for Metatarsal shoes from Red Wings. I regularly paid $20-$60 after the discount, those shoes started falling apart in less than a month. Sucks that it's better to spend $200 from your own wallet in order to work for a company.
@@lemurfart right lol
As a UK guy, was super shocked to hear Caleb talk about monzo.
I'm literally on my monzo app throughout all these financial audits 🤣👍
Dude has a Celsior! That's unexpected. 60k miles? Should last another 940k :D
I just sold my car I owed money on, and used the remainder to pay off my credit card. Rest to savings. I set my 401k to contribute 18% per check. Caleb, your channel has a real impact. Thank you.
Not sure if anybody else has said this yet, but a Celsior is a very rad way to upset Caleb with an auto loan. Also very fitting for a mechanical engineer to pick a late 90s Toyota
Another great episode. Would love to see more videos of people with families.
I've never been *terrible* with money but I was wildly underemployed for a couple years and built up some (stupid) credit card debt.
Sometime around December I found this channel and it finally gave me the motivation I needed to start budgeting (I use YNAB).
Since the end of January (my first full month using it) I've increased my net worth by ~25% of my annual salary and I will very likely pay off the last of the credit card debt by the end of next month.
Caleb would kill me for not having a solid emergency fund, but I promise that's next on the list!
love how humble and willing to take advice this guy was
Toyota Celsior is in fact a Lexus LS400 with Toyota badges. They easily run (if maintained properly) up to 500K miles , there's many example vids on this platform about them. Even 750K to million mile examples.
Signed up for course careers. Thank you for inspiring me and for pushing me to better myself, Caleb
Never skimp on the things that seperate you from the ground...work boots and your bed