20 Individual Debts - This is INSANE | Financial Audit
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- Опубліковано 13 жов 2024
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Caleb needs a credit card guillotine for the show
This could be made...
Fantastic idea! This could allow people with different personality types, specifically introverts and those fiercely protective of their privacy who would never feel comfortable with an audit to still have engagement with Caleb's brand. Maybe a bonus video or a short!? People can discuss what credit has robbed them of. Sky is the limit.
Brilliant!
Yes!!!
I have a shredder that does fat credit cards but its so much less dramatic.
caleb is single handedly getting Whattaburgers fully staffed in Austin rn
I like to believe he's a big whattaburger fan and he's sick of long wait times so he's on a crusade to get them workers
Despite the hole this man is, he wakes up everyday and charges forward into the chaos. Working two jobs, and coming on the show and admitting his faults, open to criticism. He doesn’t complain and simply does what he must. Good luck to you bro!! You got this
True, but what was the thinking behind this mess? They don't really go into it. I would like to understand more about the psychological drive that results in 20 individual debts!! Also why is it so easy for American companies to hand out credit cards? This is life destroying and should be illegal.
I don't think he realised the hole he is in until he got on the show. In the end he looks like he saw a ghost! You can see that feeling of a ton of bricks just hit him at that point
@@cs3105 Parasites will parasite!
And i don't see much wrong with the guy. Some people just aren't born with a good handle on financial security...
And alot of the time, once you go under, it is nearly impossible to get back out, especially since you HAVE to keep living and buying things to take care of your family - you're just stuck in the cycle and you get too depressed to do more than the minimum. a pure wage slave. (which is honestly where most of us are, i know i am)
@@cs3105 I live in the UK and my parents live in Barbados in the Caribbean. The finance companies there do not hand out credit cards easily. However, people do not have extreme medical debt or student debt or subprime mortgages in these countries. Half the people in these countries are ok with public transport, walking or cycling. A car isn't a necessity like it is in America. The average limit for a credit card is about 3k to 4k. Americans are crippled by 1000 for rent, 1000 for car repair and 1000 for an insurance co-pay. Most people in Barbados live with their parents and grandparents well into their 30s and 40s. Healthcare is free in both countries and most people don't have car repairs that cost 1000. The rent is similar for a one-bedroom in both countries. I think most people get into this kind of debt trying to live the American dream....but the American dream was based on The New Deal from the 1940s post-war politics and 1950s affordability to drive jobs, consumer goods and the economy. It's completely outdated for the 21st-century lifestyle.
@@cs3105 A lot of those were individual store cards. Whenever you go into those stores (Target or Big Lots or whatever), they offer you the card at checkout and make it sound like it's an easy way to save money. A lot of times after you say no the first time, they still try to convince you it's a good idea. They make you feel like you're the idiot if you say no.
This man is single handedly making it cool to be financially responsible. Literally changing the trajectory of millions of lives. Thank you man.
I never thought about it in quite this way, but you may be right. With any luck, perhaps the day will come when we Americans finally embrace true financial independence instead of celebrating being up to our eyeballs in debt.
@@AnalyticalMenace don't know anyone who is celebrating being in debt. Most people are stressed about it. The borrower is slave to the lender.
Very real 😊😊😊
@@juditharsenault2131maybe not actively celebrating the debt, but definitely flashing around the lifestyle and normalizing it
That’s a stretch.
His roommate was only paying $400 a month for rent and he only had enough in savings to cover 1 month after losing his job? He needs to come on the show as well.
He’s doing the wife when he’s at work.
I seen a situation like that b4
Whole house fr. Lemme see what the baby retirement fund looking like, cause they’ll be retiring for 3 people.
so insane, i don't care if it was my best friend, if you aint paying rent and im drowning in bills and debt to you gotta go, you know that roommates eating buddys food too, that kinda leech is gonna take you even further behind.
@@PInk77W1 I saw one like this where the wife and lover killed the husband even
@@giantmanice oh yeah
30:18 Wife stays at home, not working,
roommate stays at home, not working
sucker works two jobs and sometimes side hustle
how do YOU think the relationship is going!?!?!
The relationship between the wife and roommate is probably really good
First off, major props to this dude for coming on the show and putting his finances on full display.
That being said, his wife should have came on the show with him. They *both* need to hear this.
And get that roommate in here while we’re at it!
Yes his wife really should not have wimped out. I am sure she knew he was going on.
@@6ix_Stringswife is home with the roommate in her...
If she is too stressed to make donuts and deal with customers, she wouldn't do well being videotaped.
When you finance the repair of the financed vehicle & you work for O'Rielly's - that is just a killer. His Jack In The Box meal on his way to the show was financed.
This channel has helped way more than I can imagine. Started watching 3 months ago and so far have paid off 6k of credit card debt and working on emergency savings account for my personal and small business accounts. Now if I even think about buying fast food I hear a high pitched voice in my head scream, “ WHY ARE WE WASTING MONEY ON TAQUITOS?!?!”
Congrats :) it's helped me too. I've started looking at my finances and what we are wasting money on. That was an eye opener.
I am so curious if even the credit card companies are feeling the heat from Caleb
😂😂😂😂😂
I've started talking to my husband in terms of how many taquitos he bought in a week LOL Everything is taquitos now.
🙌👍👍
I had 7 debts. 7. In totall: 36.5K down to 13.6K after 2.5 years.
I am down to 3 loans.
Celebrate! Under $25 in cash and go on a financial dinner date with yourself to look over your accomplishments and make creative choices for facing the next round of goals. Do it again whenever you knock out a debt m. You need the dopamine boost and refocus with creative and positive goal setting to get through the next steps. Advice from Barefoot investor. It works
Good work, keep it up.
Thank you all
@@can1687Congratulations!!!!!!🎉
Congratulations 🎉🍾 That’s HUGE
I never knew that there was such a thing as 106% interest rate. You learn something new every day. Thank you Caleb for helping the financial illiterate.
*Sorry for the typo*
Yeah, it's the payday loans type of debt. When you borrow $100 and need to pay back $110 in 2 weeks, that's a yearly rate of 100+% that seems small cause you're only looking at a 2 week window.
It probably didn't say 106% it probably gave a dollar amount that looked small but was calculated daily or weekly he was flustered at the time and likely didn't read the terms.
Yeah same I was today years old learning there was such a thing as 100+% interest rate on anything.
My dream is to open one of those up when I’m older
Sadly there is worse, I don't know if you have them over in the US but we have SMS loans, you basically text a company and borrow money. We have a show that resembles financial audit on TV and they had a girl there with an SMS loan that had 601% interest when you included all the fees and everything.
I feel like a student attending class. I am always on time on Mondays, Wednesdays and Fridays. I listen carefully and learn all I can. Thank you so much Caleb for the work you do (and the entertainment!)
@@KennedyIvy😂
@@KennedyIvysame😂
Omg I feel the same😂
@@CursedCupidd Caleb doesn't know this yet but this is actually the Caleb Hammer University and he is the professor
Your attendances has been marked 👍❤
I’m just going to throw this out there. But your child is at an exponentially high risk for abuse as soon as an unrelated adult enters into the living situation. This includes physical, mental, and sexual abuse. Be very, very careful about the “friend who got into trouble” even if you think you know them very well.
I’m glad it wasn’t just me thinking this. I wouldn’t trust anyone around my kids. I had a friend whose boyfriend lived with her, her siblings, and her grandma. Four years later, right before their son is born, she finds out that he’s been SA her little sister and he gets sent to jail. Protect your kids!
Commenting to keep this comment towards the top. This is such a risk they are introducing to their kid!
Especially with an autistic child. It is o easy to step over our boudaries. Even if the person has no baad intentions.
Even a relative is a high risk.
@@lindala2602That was one of my immediate thoughts. What if the child is non-verbal?
After watching like 100 financials audits…
…guys, I might not be a credit card person
Lmao same. I literally put all my credit cards into the shredder. I'm gonna go ahead and take it off my phone now 😂
Who really is?
LOL saaaame
I’m not. Gave it up about ten years ago. So sick of constantly being in debt before my wages got in.
You will spend more then if it was cash.
My stomach just kept dropping and dropping. I feel for this guy. I really hope he is able to get out of it for himself and his family
He's going to have a rough time no matter what. He needs to do what he can to get out of that 109% immediately.
Just that alone will add 545 dollars of interest monthly......
Why he make a kid then??
@@MoneyMan28
Sadly a lot of people have kids they cannot afford, having 1 though, okay, not the worst decision ever… its the people that decide to have 3-6+ kids that blow my mind, but cant afford them.
@@XFizzlepop-Berrytwist but One kid costs like $100,000 dollars from 0 to 18 years
She has to put her big pants on and help him at this point.
I was a SAHM for about 10 months (I was in between jobs and in my third trimester with my second child, so decided to stay home for a few months than spend that money on expensive daycares). I couldn’t fathom not having a job while my elementary school age child was at school all day while my family is in dire financial struggles.
She needs to work, she can work retail hours during school hours or work at a childcare center.
I’m sure they feel like they’re drowning in debt, I felt like I was drowning with them while watching this!
I'm gonna bet she spends her days with the roommate. Work would interfere with that.
Especially if he is paying daycare. If she is staying at home and cooking and making him lunches then it may work. But she is literally playing games and sending the child to daycare so what’s she doing? She can even work at home and look after the child so there is no justification
If she wants to stay at home, she needs to get the household finances to the point where that is a possibility. Seems like with the way he is hustling, her income could go to the debt, and get her closer to her stay at home dreams.
@@ryancj1542Listen just cause your mum did that doesn’t mean most would
@@Crispy26It’s not “dreams” for many people it’s a necessity. Especially in America. In the UK you get paid maternity leave for months then unpaid (but with a guarantee you’ll get your job back) for an extra 9 months. You can split this with the father too.
Many jobs in the US only provide 2 months. I believe her child is also special needs which can make childcare nearly impossible.
Whatever happened to the traditional system many men constantly complain has “disappeared” because of women. The real reason it’s gone is quite obvious to me.
If the wife isn’t working, why are they paying for daycare?
So the wife has more free time with the roommate
And playing google games. Crazy huh?
The kid is in school. It sounds like she was working to save up for daycare for the summer when the kid is out of school and would continue working. But, if she's unemployed, she would just take care of the child herself and they could use that money toward something else (assuming they did save up).
She should just get a job at the school or daycare, that would work perfectly with the kid’s schedule
@@roybuckner2755 Lol! and Bed bath and beyond and Starbucks. The 800 dollar glasses killed me though medical debt in the USA is the worst. My glasses are.....Free because I'm on a low income. When I wasn't on a low income it was maximum 200.....
Man...I joined when you were under 50K...you've come so far Caleb, killing it!
All thanks to you!
Thanks biz, you've really helped everyone out
@@CalebHammeryour consistency and increasing quality is the key, congrats on your hard work!
Same!! I love how much this channel has grown!!
ASE certified master automotive and master heavy/medium duty truck mechanic here. I'm not even through the episode yet but for him to be in the industry (if even only on the fringes) and say he doesn't trust anyone but then takes a rear main seal to PEPBOYS?!?! OF ALL PLACES PEPBOYS!!! And for a REAR MAIN SEAL?!?! *Voice as high as Caleb's* PEPBOYS?!?!
I don't even own a vehicle and i raised an eyebrow at Pep Boys. Good to know my instincts were correct.
Right off the bat I was completely confused about this guy’s decision making process and self justification. I can’t imagine him not having a better/cheaper way of fixing a rear main seal on a damn X-terra.🙃🫠😵💫
This is why I don’t trust the people working at O’Riley’s. I like how he explained the process of rear main seal involved removing the transmission, isn’t he a gear tech? Like strictly deals with differential and transmissions so wtf?
@@checkers7730 uhhh there are plenty of vehicles where you have to remove the tranny to get to the rear main. 😂
Thank you for your professional insight ❤
I may be the only one thinking this, but I would never have a roommate around my kid, ever, period.
Trey, if you are reading this, you have a six year old girl dude. Your responsibility is to your wife and your kid, not your old buddy who can't hold down a job. How did he "get in trouble" in California? For me, I would never put my child in the same house as an unemployed, single man. It's just not worth it. It doesn't matter how much you trust him. It may seem overly dramatic, but I promise you that your responsibility as a father and husband is to kick him out immediately.
By the way, do you think your wife would feel more comfortable working if he wasn't in the equation?
I agree
Wife either, you're gone all the time but room mate is home with no job?
Caleb is right, the motorcycle has to go. With the 5500 he can get rid of the insane 100% loan and another 3k of credit card loans. He will save over 5k in interest over just the two years it takes to pay that loan off, and more importantly, reduce his monthly minimums by at least $400 (or even 500 with no longer paying for the insurance), meaning he has no longer a negative budget. 400 dollars rent contribution is also too low from the roommate if the apartment costs 1800 with utilities. He has to pay at least a third, or even more if the third room is used as a common space living room.
Yep sorry that motorcycle has to be gone and more expenses have to be cut. There is no way you can be -400 with rising interest you are at death at that point.
His wife needs to get a job asap so does the roommate or kick him out!!!
i wish i could just say “work stresses me out” and just quit my job without any concerns to my husband’s wellbeing while he’s the sole provider knowing we have ALL THESE DEBTS. some people are absolutely insane. how would you make your husband suffer by himself when you’re more than capable of working? not to mention she’s wracking up more debt while not having a job. I DESPISE PEOPLE LIKE THIS!!
Especially when kids are involved AND they're school-age, so you don't need to be home with them.
Agree. I can't stand the "easy life" and "quiet quitting" people. Boo hoo. Life is hard. Deal with it. I bet most of people taking the easy life/quiet quitting paths have trust funds or some kind of family money to fall back on.
@@lot2196or we just didn’t choose to impregnate people at a young age and don’t have to worry about money as much lol
@@lot2196 Idk where quiet quitting comes into this, that's an entirely different thing to being lazy. I agree that life is hard and a lot of people take the easy route at the expense of those around them, but quiet quitting is about protesting poor wages by doing the bare minimum for the job, the whole point is to not actually quit, just religiously stick to only doing the job description, to force employers to realign the wages with the work they want done.
You tell me making donuts stresses you out? Aight watch paint dry and we’ll work up to baking.
106.96% interest is the pure definition of predatory lending.
Yes, and it's painfully obvious the people taking out these loans never read their contracts.
Payday loans are infamous for having high interest rates bc you are supposed to pay them back for your next paycheck. Not a 2 year loan
😅😅😅😅😅 what the heck???? Am reading the comments as I play the video. Nearly five minutes in.
Called usury charges. It’s illegal.
Should not even be legal!
Don’t have your wife and your buddy staying home alone all day while your working all day
He is always working, kid in daycare, wife and roommate at home all day
And especially no male roommate with a young daughter in the house. You never know what some people are hiding under the surface.
That was my first thought
Right, I wouldn’t trust that shit.
Things that make you go hmmmm.
Honestly worried for his kids having a friend live under his roof. You think you know people, but often they are hiding predatory nature.
Wow my heart sank on this one. I really wish him, his wife, and his kid the best. Having a child with special needs is tough, it wouldn't surprise me if some of the spending was shopping therapy. I hope this financial hole doesn't take a toll on their relationship. Best of luck man
I’m just going to say it: I am incredibly concerned with his jobless roommate/buddy being at home with his wife all the time while Trey is working extensive hours to pay off debt….
I was wondering who was going to mention that lol
I would of told the room mate to kick rocks and gtfo next day. Even if was my best mate.
Being at home with his **child!!!
Yyeeaahhh I was wondering if people would be sus about that. This guy is working insane hours to support two adults and his child. While she's.... doing what?
@@slickfox33With the laws these days on eviction, he can probably go months without paying rent before he has to leave. Total bs, best case scenario he leaves without a fight.
What??? My special needs child is uninsured because my wife and I won’t quit with the bullcrap spending to afford the $700?
That honestly made me mad. Totally unexcusable.
I'm from the Philippines and new here in the US. My brother in financial industry recommended your channel and I found it very helpful. I'm starting with my first job and I will surely follow your advise. I'm watching even your old videos.
❤️❤️❤️
Good stuff buddy. Best of luck
I commend him for doing this show. It showed on his face the acknowledgement of the situation he is in. If his wife can only work while their child is in school I would suggest possibly looking into any possibilities of working for that school district as an assistant or aide during school hours. I have known many moms that have gone this route. Worth a try. Good luck to him.
Yup, that's what my mum did.
Especially since she has experience with a special needs kid
Great idea! 💡
Yes, or even a school secretary! good benefits and you will get all the school holidays and breaks.
And it’s also great benefits, especially insurance if she decides to get a full-time job. There’s plenty jobs open in education due to the teacher and work personnel shortage.
I recently stumbled upon this ranking of the most stressful jobs:
1. Military deployed in the countries that hate the US
2. Donut shop workers
3. Bomb squad technicians
Totally understand why wifey HAD to quit her job. The upside is she has more time to spend with the other deadbeat in the household.
LOL
Hahahaha
I'm a nurse and I was kind of wondering about that.
As a truck driver, I'm glad my job isn't as stressful as working at Krispy Kreme. Soo glad I dodged that type of job. 😂😂
The Autism Parenting Stress Index is a medical measure of stress that exists because it’s particularly difficult to manage the needs of kids with developmental conditions.
Autism is also largely genetic, and there’s a good chance the mom could be autistic and experience greater stress than most people, especially in a busy workplace environment.
I don’t think we should be assuming she’s lazy, which seems to be your implication.
Comments are often really horrible to women. I can’t blame her for not coming on (although probably she had to stay home to take care of the kid).
Dude, Trey, that was rough and my heart goes out to you and your family. You seemed really down and out by the end of the filming but you can pull through this! Go kick some ass and pull it together!
PS the $59 fee from Best Buy is an annual fee! They offer 3 cards, a visa with no fee, a strictly Best Buy only card with no fee, and for those with low to fair credit a Visa with a $59 annual fee. So that’s why he was charged that! (Previous BBY store employee)
Thanks for your insight. VERY helpful
You need both people in a marriage to be in the room. Speaking to one half of the relationship is going to solve nothing. She can watch this video but its not the same.
I agree. She needs to see the complete lay out of the debts as well. Transparency is the only way to move forward and she needs to understand how desperately she needs to work to help get them out of this.
How is mom's mental health? I had a similar situation, SAHM to a daughter with suspected autism. It was exhausting and my mental health went down the drain. I got depression, binge eating disorder, anxiety, was always stressed. So I'd cope by taking my time browsing the makeup aisles on grocery trips and picking 1-2 items or the occasional pokemon go coins or ordering late night pizza. Fixing my mental health fixed 90% of my irresponsible spending and allowed me to go back to school and get a job
Out of any guest, my heart sank for this guy. You could visibly see the realization slowly sink his shoulders and face. With the wife working, they can certainly make progress! No more staying home and depending on anxiety to shield her.
True cuz he’s gonna die young if she doesn’t help- then she will really have to step up and do this alone. Honestly made me mad at how she’s treating him. 🥺
Ain't no way somebody took a 100%+ APR loan. That's not death, that's financial apocalypse.
Yeah but I get why. He needed the issue resolved, and he panicked. Wouldn't have been a big issue if he had an emergency fund and said no way im taking an APR that high.
Ever since I started watching Caleb, I’ve been looking at my interest rates and I AM BEING ROBBED OML
I’m now working 3 jobs to pay more than my minimum payments so I can get rid of these debts
Caleb, you’re my savior
I just love this show! You are helping people change their lives and, if you think about it, their kids' lives, by breaking a very dangerous debt cicle. Oh, and just so you know, you have someone in Brazil binge watching these episodes! 😊
I think it’s important to note that a SAHM can greatly impact the finances of a family by being extremely frugal. You can cook all the meals and you have time to plan to avoid drive thrus. If you’re not working in a company, your wardrobe does not need to be crazy and you don’t need to all the makeup and craziness. You can greatly save on gas money by having days where you don’t drive anywhere, except for taking kids to school (if kids aren’t old enough to ride the bus). But these guys have a lot of debt, so I’m not sure what I would do in this situation. I just know that I help save my household money because I can be thrifty and frugal while being home.
This 1000%
💯
Eloquently stated. SAHM can contribute so much to the family financially and emotionally.
I heard this before, but I never saw it done. Most of the SHMs that I know, always cause their husbands to spend a lot more on household things, spend more on vacations, don't cook that often, and complain when their husbands aren't spending more time doing things at home.
My wife became a SAHM 6 or 7 years ago. Because of how she is, it's the best decision I ever made. Meals taken care of, kids taken care of, and I have almost tripped my income by focusing on my career. Not for everyone. You gotta be a focused person, but it made our lives way better.
WOW I have about $27.5k on student loans and less than $10k on my car loan and I thought I was in a deep hole but seeing this guy with a whole child and wife to care for is insanity! I really hope bro the best of luck because despite the debt you can see that he really is grinding as much as he can!
I have $67K in student loans 😢 and about $4K on my car. I hate my student loans but these audits make me realize the amount of people that are in way worse situations. It's great to see Caleb helping people with financial education and improving their lives.
I have 3.5k left on my car and 21,000 in student loans, I feel ya. Seeing this made me realize people always have it worse, we’ll all be okay as long as we show some discipline and work hard, good luck we got this!
Let's face it. Most of us come here because it makes us feel better about our own situations.
@WealthwiseCapital Imagine turning $10,000 into millions with just S&P500 INDEX instead of being scammed. ;)
I’m in a similar situation, with $23k in student loans and $12k in a car loan, I feel comforted in knowing I’m not alone. Keep grinding, we can do this!
Aw, this guy. He looks like he's going through it - i hope that everything works out for him and that his wife gets on board. I want him to be happier!
I’m no expert on personal finances, but 20 debts is 20 debts more than anyone should have on their books. Thanks for helping this guy Caleb
Depends if it's good or bad debt. A mortgage, for example, is good debt, and plenty of people have one of those for a loooong time.
@@rickallen909920 debts is 19 (or 18) debts more than someone should have
A mortgage is usually a good debt... certain instances of a car loan can be okay... other than that, cant think of any good debts off the top of my head
@@rickallen9099 That is not always true. People with adjustable rates are getting screwed right now because they have debt. All that equity is being washed away.
@@William-Morey-Bakermedical debt, although bad, can be understandable. Lots of people on this show though have Apple Watch debt lol
Props to this dude for putting his financials out there like this. It's humiliating, but he will (hopefully) learn from it, as will thousands of others. My biggest breakthrough with finances came from living far below my means. If you can afford an Outback, get a Civic. If you can afford a 650k home, buy a 350k home. Worry about interest rates and total loan debt instead of focusing on the monthly payments. Apply this to every facet of your financial life and you will never stress about money. Living without a car payment is the number one way to build wealth and work towards financial freedom.
All this works to an extent. What if you can only afford a 200k home ? You are stuck paying rent.
Everything as a percentage of total income costs more the lesser you make.
Im living well below my means, basically like a broke college student but making six figures, but this is not something everyone is in a position to do.
It's not a "one size fits all" thing. It's just what has worked for me. If you can only afford a 200k home in this economy, then you have an income problem, not an expense problem. That would indicate the need to work towards increasing income, which can be achieved by going back to college, going through a technical training program, etc. But if you're earning below the poverty line or even below lower middle class, you really can't afford to "live below your means" because your means is at survival level.@@thunderb00m
@@thunderb00m It's a balancing act. You gotta find where makes sense. If you can't actually afford to save enough for the downpayment in a house (and it's not a matter of you eating the savings), you've got a savings problem. Buying won't help since your mortgage will be comparable to your rent, plus you'll still owe property tax, maintenance, insurance, and need to save enough for each item. Your emergency fund also needs to be bigger to cover the cost of any issues that crop up (new water heater or a major part of your HVAC system or half a roof or a few windows or a couple appliances). Houses aren't cheap.
My personal plan is to save up enough to cash-offer a rough house, then cashflow the renovations with my regular job. In the meantime, my cheap apartment is about the same cost as what I project my future property taxes and utilities are going to cost me. Doing the renovations will cost me time in exchange for value (hopefully). If it all goes to hell, I've spent $50K or $100K extra on a house with zero payments. If it goes smoothly, I've netted $100K to $200K from selling it 1 to 3 years.
Great advice OP. If you can afford a fancy restaurant go to a charming pizzeria. If you can afford a charming pizzeria make a sandwich. That’s actually really useful analogy 😎
Just a word to not give up. 2018, I had 3 credit cards and 2 lines credit totalling 85000 dollars. I was working two jobs, 190lbs for 5"4 female and living in a city I hated. 2019 packed up my bags, quit my job. took the remaining 5000 in my line of credit to help me move and live off in a new city for one month. Found a job three weeks into moving. Job was union 25 hrs and paid enough for me to live in the new city. Often times the job offers full-time hrs. Fast forward 2023. I have paid off about 30000 of the debt with 2 credit cards fully paid off. I owe now 52000. I lost weight since working 25 hrs only half of the time. I have also saved 20000 dollars plus I now weigh 135lbs. I plan on paying every thing off by 2027 and setting goal of retiring early. In another year, I can concentrate on my love life.
That’s a lot of cc debt. My high was
$27,500. I paid it all off after years of struggle. It was worth it. Don’t give up
@PInk77W1 thanks 😊 for the encouragement. I will not give up, especially now I can see the end point. I figure I will have everything paid off the middle of 2027. 2 credits are completely paid off and what is left is my line of credits. One line of credit should be paid off by June 2024.
Hell ya!! That’s g
That amount of debt is insane. Good job on making payments towards it most people would just give up.
I'm speechless...this episode was such an eye opener of how debt can creep into a giant mess. I hope things turn around for him and his family.
Yes lots and lots of small debts adding to one huge Pile of shit
that rant in response to "going with the flow" had so many metaphors and was so fast that it seemed like it came from a movie. Great stuff Caleb!
Could you audit someone who went into debt signing up for a multi-level marketing companies?? Ie. Herbal life, Amway, Lularoe etc
I think there's one episode that followed a 50 year old that bought into an MLM. The cover has an older man with a black cowboy hat
When he says "That pisses me the f*#% off..... What'd you have?" I lost it laughing. So financially serious yet soo friendly
Nuggies 😂
52 seconds in and im cracking up at his wife leaving her Krispy kreme job because of stress while hes working 2 jobs and 1 of them is working on semis
Works on semi's.. can't change a rear main seal.
@michaelbowers7870 my guess is he monitors a computer that operates equipment making the gears 😂 No Actual Mechanical skills hence why he off sources mechanical work, that's my guess at least🤷♂️
His wife can find a way to work. I have 8 kids and 3 jobs around their schedule. I do before and after school care for a little girl since I'm already caring for my kids at that time- 7-8am and 4-6pm. I work in a major retail chain from 9a-2pm. Then I do commercial cleaning from 8pm-midnight when my husband is home. I make $3200/mo take-home. My husband has a military pension, delivers pizza, and coaches kids sports.
@kailaleebabineau3962 Yes, but he retired very recently. After 4 trips to combat and a bunch of other BS, he needed something low stress for a minute.
You are a machine madam. 👏 I wish I had your energy and focus.
You forgot that some people are lazy!
- if you're a lazy man, you just live in your parents' basement, with no prospects of a mate or career.
- if you're a lazy woman, you just say you're a hardworking stay-homie!
I feel for this guy I really do but his wife quit Krispy Kreme because it was stressful. While this guy is working a full time job and a part time job. It’s donuts how stressful can it be.
Working with the general public is rough, and we don't know if she has anxiety or other things to contend with. I was a grocery store cashier as a teen and had men make verbal and physical advances, throw a 12 pack case of soda at me, etc, and those weren't first thing in the morning when people are crabby. If you've never been there, you can't say "it's just donuts."
@@daniellebrackett4905working with the general public is tough, yet millions of people do it every day, are doing it right now as we speak. Quitting is a last resort after you’ve exhausted all other options, the most important of which is lining up a new job.
It's definitely not the donuts but the people that want the donuts...
You ever worked a job like that? It's stressful
@@abramsrob yeah it can be stressful. That’s life. Been that way for a million years. I’m sure Neanderthals chasing caribou through the tundra was stressful. I’m sure settlers planting farms in the Oregon territory was stressful. That’s life. You don’t get to just give up.
Nothing like listening to other peoples’ finances while starting my week, just how Caleb would want it.
Having over 40k just in consumer debt gives me second hand anxiety especially since most of that debt is high interest. He’s making about 60k net annually which means that he is going to be digging himself out of this hole for a long time.
Yep there's just no way around its going to be a while unless his finances change massively and he's doing unreal hard-core payments.
I love this guy. He didn't know what he didn't know. It's gonna come down to the wife being onboard. I wish him the best and can't wait to see how he turns this around ❤
It's going to be rough no matter what.
Roommate about to be home all day with your wife who is also home all day while you're working like 60 hours a week. That's not a good idea on paper
Second kid incoming?
If I was a betting man, I'll bet my bottom dollar that those two are already doing the nasty.
Cutting of credit cards needs to be a core aspect of the audits!
Not just cutting cards, but sending a certified letter stating to close the card. Be sure to get a statement from that card company.
Grubhub is not the only work option for people who want to do limited, temporary and/or on demand work. She could 100% do substitute teaching and only take jobs in her daughter's school or schools that work with the same schedule. She could probably find a teacher assistant job there too or a lunch or recess attendant. There is also a temp agency where you can specify hours and jobs.
There is no fix for laziness.
His wife wants to be a stay at home mom / house wife she don't want to work
@@angelicavasquez3870 It varies widely by state and sometimes even school system. Where I live schools are desperate, pretty much anyone can be a substitute teacher's aide, degree or no degree.
Oh yes! I subbed for a few months and it turned out to be my favourite job I’ve ever had. But everyone everywhere desperately needs subs!
I thought her job skills only involved her stressful work at Krispy Kreme, which she quit.
Love the show
I’d love to see someone who’s like half to three quarters of the way through the process and have a convo of setbacks and ways to get over the hump
I keep getting close and then life hits me in the face. I had a couple grand in emergency fund and all debt but student loans gone and then had to move twice in a month to get out of a bad situation- good bye all my hard work. It feels like I’ll never get over the hump to financial security, something always trips me at the finish line
You can do this, Suzy!
I hear you and have felt the same. It often felt like three steps forward and two steps back or sometimes even five steps back. Ugh. But I just kept going, doing the best I could and keeping my eye on the prize. I've been debt-free for a little over 4 years. It's so liberating. Keep going. You'll get there.
I hear you. Saving is difficult for me for a lot of reasons. It's hard for me to shift my mentality to savings should be a legit line item in my budget that I am relentlessly committed to. When savings accumulate, I use it as an excuse to excessively spend (in cash) because of the perceived "safety net". That's a false reality. We are operating without a safety net, miniscule emergency fund. Not in my teens or early twenties anymore living at home. I can't get giddy with $1500 in savings. That's not an accomplishment. Relatively small emergencies can wipe out low funds. Just wanted you to know I empathize with your plight although our circumstances are different. Keep striving.
Same! I make major progress then something happens and details my momentum. I would love to see someone on the show who is already working towards their goals but is still struggling ❤
I know it is frustrating having those issues come up but that is wonderful that you had the money in the emergency fund to be able to handle those issues. You are definitely doing a lot better than if you were having to go into 30% interest debt to handle that situation.
One way of making lunches easier is when you are making your plates for dinner just add a Tupperware. Then you stick it in the fridge and have lunch the next day.
The best part about this guy is he KNOWS HIS NUMBERS. You can tell he is here for genuine advice, his responses aren't clouded with tons of worry and stress that he could easily be lost in with the mountain of debt he's in. at the very least he knows what he owes + what he needs to live which plays a huge role in how he feels about his overall situation
My grandma had 26 credit cards before she filed bankruptcy and lost the house. This was before I knew what was going on. I was still in school and was never taught anything about finance. It has hurt me quite a bit being ignorant.
Gambling addict?
No one cares
@@DoubleJabSlipRightHand Well that's not true, I'm sure someone cares, especially on this channel where we are all nosy about people's bad financial decisions
@@DoubleJabSlipRightHandlol why are you watching this channel dude that's basically what it is.
How did she get approved for the 26th card? I'm sure they check how many you already have. Why would that 26th company think she was going to pay them?
Did she commit fraud or something to get them?
Caleb your videos and channel have me DETERMINED to fix my financial situation. Part of me would love to come on the show and face the music. Thank you for all the work you and your team do!
Stress from Krispy Kreme and racks up debt her husband doesn’t know about….I would love to see her on here.
She should of been next to him on here
But she is at home, sitting next to the roommate
Massive respect for coming on! I know that must have been rough for both him and Caleb, but it seems like for the first time; he’s aware of his situation, and has a road map out. Not an easy one, but one nonetheless.
Smash it!
That car repair debt is proof that not having an emergency fund is an emergency. Had he had an emergency fund, he would not have been in a situation where he felt there was no choice but to get a loan with an APR over 100%. I also doubt that was his only choice, but better to not be in the situation at all.
Yeah 109% Is criminal. Still can't believe that.
His wife is lying to him. She has a spending problem. Probably because she doesn't work and so she doesn't feel the hours lost from her mobile game addiction
I'm glad _someone_ said this! She's very much lying to him about several things, it seems like. Very sad situation to see a good guy like this being taken advantage of by his own wife AND another adult man on top of that 🤦♀️
I don't understand she had a job to pay daycare, quit and now the kid still in daycare. 😮 Sir I can't.
He has a spouse problem and a CC problem.
I understood it as she was working to save up money for daycare in the summer, the child is six and already in school the rest of the year. However if she’s not working she doesn’t need the summer daycare then, they could either repurpose that money or she could work while the child is in daycare. Idk when this was filmed tho so maybe summers come and went
His wife is lazy
@@ocypodequadratano point in having a job to pay for daycare if there isn't any money left over. Might as well just take care of the kid yourself at that point.
@@dukewellington7050His wife is primary caregiver for an autistic child. She is probably exhausted and maybe depressed. This doesn’t necessarily mean she is lazy. However, the two of them would benefit from some counseling so that they can each better understand the challenges each faces, then make a plan to move forward together.
Caleb should look into getting a shredder that does credit cards as well so they can get the satisfaction of it just being destroyed. also will help for all the paper disposal.
I have one that shreds cd's and it handles credit cards just fine
I'm on track to knock out 43% of my debt by 12/29. I started on 09/01 after watching some Caleb videos. So far this month alone, 64% of my spending has been to debt paydowns. I went from 104% credit utilization to 15% (wiping that out this paycheck). I don't know why I didn't connect the dots earlier or why hearing someone younger than me yell at people MUCH younger than me clicked something in my head, but it did. Starting in March I'll be able to pay 2 and 3 times the monthly minimum on my car / personal loan combo and kill it by the end of next summer, saving myself almost $3,000 in interest. It's only been 1.5 months, so I'm still being cautious and very conservative, but I think I'll be able to stick to this low-to-no debt way of life. I carved out a bit of my income for Thanksgiving travel, but I did budget for it and came under budget on flights already. I've just never wanted to think about the shit hole I was in. Now that I have, I can attack it. It's such a relief. Thanks, Caleb.
Congrats for taking these steps! Don’t forget to celebrate your wins. With very cheap celebrations . Under $25 but every time you knock out a debt celebrate as you look at your financial goals and think creatively how you achieve them. Barefoot investor advises to have a monthly dinner date to celebrate and congratulate your wins and focus on the next monthly goals. You got this
Celebrate in cash not credit. If you can’t afford $25 try $10. Or even $5 but something
@wakinglife7065 thank you so much! Definitely celebrating in cash 😊 I'm going out to coffee this week with a girlfriend, my first coffee out of my house in weeks!
I paid off $11k credit card in 15months
Then saved $28k In 2y. Then bought a smalL cabin like home for $23k cash.
So blessed
This episode was crazy! This guy was really brave putting this out there. I hope he and his family figure this all out and in a year we see them doing much better.
Most people don’t have an income problem. They have an expense problem.
Eeeee that's a bit of cope
no it’s usually both…
I agree with you on that. It definitely was the case for me.
Precisely
@@jhilikejohnny It's often both, although there's far too many who just have an excessive spending problem.
Bro you’re a life changer. I see myself in so many of the people that come to you. It’s always refreshing how you handle each situation differently. I have been having that tough talk with the man in the mirror and hoping yo correct my mistakes in the financial realm and move forward the best way I can
I like Caleb and this “show”, but come on, he has the exact same plan for everyone else every single time
Cause it's a simple formula that's true for everyone. Stop spending money on crap and pay your debts.@@M_SC
@@M_SCTrue, but in most cases, that's what it takes. To stop spending on unnecessary things and only on essentials until the bad debt is paid out is often the solution, however "boring" it might look for a while. 😌
But please Caleb, educate yourself on finance from a feminist perspective, given that half your guests are likely to be female. You come across as pretty mysoginist. Look at the work of the amazing female economist Claudia Goldin who JUST won the Nobel prize!! Women pay a lifelong penalty, lower pay, childcare and the "beauty myth". Come on now.
I’ve been watching your show for about a month now. I also recently got a better paying job. I was able to rebudget and pay off 2 cards. Take a lot of the load off of my husband. He’s from a country where credit doesn’t exist, and I come from a financially illiterate family. I’ve learned so much from you and should be completely card debt free within 6 months. Then I’ll actively be able to pay my car off. (Only 6% interest). I finally feel like I’m not drowning.
The pressure of your household must have dropped dramatically. Well done you and good luck for your family
Congrats, to you and your family! 🎉
Congrats that is awesome!
I got emotional watching him cut up all those cards. Way to go ❤ you’re doing something amazing for your family and your kiddo’s future ❤️
Started watching you in January after I had bought a 35k truck in December of last year and didn’t realize how bad my finances were until then. I started paying it off aggressively in February and I just paid off the rest of the balance yesterday! Now just to save up an emergency fund and I can resume living my life and paying for fun again. Thank you so much for what you do Caleb, you have impacted my financial future more than you know
How is it that Caleb has to explain the difference between gross and net income to literally every guest?
Because no one taught them how to remember. It’s gross what you net.
A lot of people are sleepwalking through life, and this is something easy to forget if you don't look at your paystubs
Most of his guests have zero financial literacy…it’s not surprising that they don’t understand the difference
When I got my first paycheck, I simply googled what net and gross meant😕
Dude, I know exactly what the difference between these two are but always forget witch is witch
I almost never comment on videos but just need to say, after watching your videos over the past year or so and paying off around 30k in credit card debt, you’ve ruined me on making bad financial decisions lol. My son is taking my car in a couple months (turning 16) and every time I inquire about a car with a dealership, I’ve backed out because I can’t get past the facts that I see now and the bad debt that cars are…I’ll eventually settle on something as cheap and reliable as possible I’m sure but thank you for changing my mindset lol.
I hear you, Is struggled without a car at all until I saved cash and bought a used Honda on Craigslist for 1500.Did not want the debt.
Not blaming him or his situation but that was a big thing for me finding a partner, was being financially literate. We also both need to work towards future goals and not live in the moment.
Unfortunately not as many people these days think like that they are all about instant gratification
His wife is the one not working, buying gems, staying home banging the roommate while he tries to help them....
@@andrew8168 lol that’s what I thought was trying to be more polite lol.
"Not blaming him"
Why is nothing no one's fault anymore?! I can assure that I've never seen this guy in my life, I did not make any of these loans... Did you? Did anyone here? Did anyone anywhere? Sooooo who's fault is this? Is this ANYONE's fault?
Fate is a b!tch... You're here being perfect and BAM, fate just made 20 loans in your name... I swear... Fate is just a massive b!tch...
so much respect to this guy. so much accountability and maturity. seriousness and a plan. really really rooting for you my dude
This one hurts more than most to me. This guy is hard working and good hearted… but also a fool. His wife and friend are lazy and taking advantage of him, helping to drink him dry even more.
Fortunately, with the right plan he has the tools to succeed.
Roommate goes and gets a job today or he’s out tomorrow. Ridiculous. Don’t bring you deadbeat bro into the house with your family!
Mom needs a job too. Kid is at school, start contributing, lazy lady!
Car industry person here, can confirm the Avalon is probably one of the best cars money can buy.
Also, Caleb if you read these comments, I wouldn't recommend $10k for a car if you can manage to get folks to budget a $15k used car it makes a WORLD of difference.
Yup. Toyotas from the 2000’s with 100,000 miles are going for 7000+. It is ridiculous how expensive the car market has gotten.
Buicks from early to mid 2000s can be found for under 5k, in good running order with 75k miles. Lacrosse and lesabre are extremely reliable, very cheap to fix and with tons of parts available. Nobody mentions them because it's like driving grandpa's car, and most have drunk the toyota kool-aid which explains their inflated cost. But they have a good engine and if u can find one they r worth looking at.
For my situation it wasn’t even worth buying used. Bought a new for $27K. I have to work extra hard but it’s a reliable vehicle (Honda Civic) so it’s worth it!
I maxed out my Roth IRA this years because of you Caleb!!
These financial audits are very helpful. Makes me pay attention more. I still wish I could get on his show so he can help me with a more firmer budget
He said to just show up at his house and knock on his bedroom window and he will get you on
What is it that your struggling with in your budget? Fill in the form and apply to go on, you never know!
I don’t think this man knows much about cars. With a rear main seal leak, unless it’s gushing oil all the time, you can just add some oil and get by. $5000 total to replace that is insanity.
Thank you Caleb. Took me a couple weeks but I was able to completely audit my expenses. On the pathway to bright future thanks to your wake-up calls and I see the credit card companies as evil. Rushed into a mortgage right before interest rates went up 1.5 years ago.... really wish I knew about the 50/30/20 rule before. Needed a motivation to earn a little more anyway.
Always remember as bad as you think your life is there is always someone who has it worse. Appreciate what you have and make the best of it. 🙂
Man I've been freaking out over my student loans at 6.8% interest. I had to do a double take on the 106.96% is that legal? sheesh
It's legal in the USA.
I literally had to rewind to make sure I heard that right
@@joekerr3638only payday loans could be that high. Credit cards and bank loans are capped by low. If he was going to take out a 2 year loan, he should have went to a credit union
Payday loans are 10-15% a month.
Yeah Caleb talks about credit one being predatory, American first finance which is the company they were referring too is the worst I've ever seen, It's used in alot of retail finance places (rent-a-center/ aarons/ conns) they're aimed towards people with bad credit they offer 90 days same as cash on thousands of dollars worth of merchandise and then when you don't make the 90 day payoff they hit you with insane interest generally 85-120% I've seen it as high as 250% from the beginning of the loan.
These videos keep me motivated to stay on my own debt payoff journey 😅
The pro tip Is the faster you pay things off the better even if you have to sacrifice short term.
The consistency of this UA-cam channel is top tier getting 3-4 episodes a WEEK of quality and mild horror show lol this is my comfort food
Thank you Caleb and thank you too all you’re guests ! Because of this channel I’ve paid off both my credit cards almost 60% done with a line of credit i have about a month and half of an emergency fund (trying to get to 2 months ) now I just have my car which is almost payed off and my home and I feel so much better about my life and my financial future ! This channel deserves more then a 1,000,000 subs . Keep up the good work !
Wow! Watching this gave me so much anxiety I feel crushed by the weight and it’s not even my debt! Best of luck to you, man. I sincerely hope you can raise your income by an amount that shocks everyone, and can strictly stick to the budget. It CAN be done!
This situation is awful but I respect this guy's attitude. Props to him for cutting up all those cards! I hope his wife is on board. Wishing them the best!
It doesn't seem like it, but this family's finances are probably the worst ever on this show -$2000 a month cashflow in the best case is very worrying. They've dug themselves a big hole.
This guy has more credit cards at the time of recording this episode than I ever held in my entire adult life. Not hyperbole, FYI.
Agreed. The fact that they're in the red every month is very scary.
@@dylanfogarty2771 He can but it's almost certainly going to rely on his wife to contribute to their finances and the fact that she quit her job while all this was going on tells me there's almost no hope of that happening. I really hope they get it figured out and she's able to bring in that 2-3k extra they need but man it's hard to believe it'll happen. Situation is beyond dire.
@dylanfogarty2771 he can but it would be extreme for a long time. Like he will be working those two jobs for 2 decades or more and not having fun for any of it he may have to downsize alot also while this happens smaller house, no motorcycle, lesser cars for him and the wife and literally no other expenses for fun for a very very long time and pray nothing happens.
I'm so happy I found this channel. I think I've also been very "go with the flow" with my finances and it's starting to show. I'm 26 years old and only have 300 in a roth IRA for retirement. Today I went and got all the groceries I was procrastinating on buying instead of going out to eat. Thank you, Caleb!
Since so many of us now have Caleb’s voice living with us during every purchase, it would be low key interesting to find out what the avg viewer car payment is, assuming they have a car loan.
No car loan for me! Bought my gently-used car a year ago, put half down and paid it off in less than 6 months. Never borrow money for a depreciating "asset"!
Didn't get a new or fancy car, but paid for my used one in cash.
We own a 2013 CRV bought for $8k cash, a 1993 Civic toy car (bought for $2500 + $3k in upgrades), and a 1995 Civic emergency vehicle bought for $3000.
We've got these over the last 8 years. Never had personal autoloans.
I’m a nurse. NEVER get a donorcycle
I’ve learned so much from this show. Thank you, Caleb! Opened up a high yield savings to help us save faster for a house and just refinanced a small private student loan - went from 9% interest to 5.1%! Hopefully I finally get rid of this thing 😅 Wish I would have learned this stuff in my 20s. Learning now in my early 30s though.
It's insane that this video is *one day old*, and you said you're aiming for 750k subscribers. As of today you have 776,000. Caleb, you are strapped to a rocket ship! I'm so glad that people are finding you!
This is the PERFECT example of people living above their means. You are wondering why you’re drowning in debt and you have 2 cars AND a motorcycle. You wife has every credit card for ridiculous stores like Burlington and Victoria Secret. You guys are both spending like money grows on trees 💸
I remember seeing this on your IG story Caleb. Props to this guy for taking the first step on a long journey.