I’ve Never Encountered This Before 01:26:43

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To watch episodes of Financial Audit a week earlier, check us out on YouTube. Hi, my name is Ted. I'm 62 years old. I'm from Austin, Texas, and this is Financial Audit. Thanks for coming on. So what do you do for a living right now? Right now, I'm a retail manager. Retail manager. Okay. What are we making currently as a retail manager? $21 an hour. How many hours a week? At least 40. Okay.

At least 40. So you get overtime sometimes? Time and a half for anything over 40. Okay, yes. So I do have this that came in. This was a stub. Let's see. So 76 hours over the course of two weeks, potentially. Is this a two-week time period? Yes, it should be. Five and a half hours of overtime at $31. That's great. And we had net pay of $1,500.

So $3,000 a month at 62. First of all, this is an expensive area, but I do know you're married. So $3,000 a month net is essentially what we can consider for you. But does income come in from the other side of this? Yes. Okay. How much? My wife, she makes a little more than me. So I'd say, I don't know, $3,500. Okay. Yeah.

How are you guys doing right now financially? I'll be honest, in terms of stacks of paperwork, I mean, this thing's a brick. Like, this is a whole... Right? It is. We've never had this. And it's just all credit cards. Welcome to my world. So, I... Yeah, I'm...

All up in your world right now. What is happening? Why do we have so much debt going into our 60s? You know, 59 and a half is designed to be the time when we can withdraw from our tax advantage retirement accounts. Yeah, yeah. I was just talking about this actually with my wife and...

I should be thinking of retiring now, but actually I'm not. I'm actually just doing the opposite. I feel like I'm just starting out trying to do stuff. Retail management is not my desire, not my end game. So-

For jobs throughout your career, like what have you been mostly doing to pay the bills? Gotcha. I worked for the state for about 14 years. Doing what? I worked for a state agency called the Commission on State Emergency Communications. Okay. Which prompted me to get a master's degree. You have a master's degree? Yeah. Okay. Yeah. I know what you're thinking.

Well, maybe kind of. I mean, it's just, you know, like, I don't think anyone's dream after master's degree is to be a retail manager, right? Correct. Yeah. But I also don't, I'm not trying to on your job. No, no, it's okay. Obviously I'd be watching, wanting you to make more money is retirement. Even in the picture, like,

What are we looking at? You know, I kind of have a plan. What is your plan? To retire at the latest time possible. Well, how do you even know when that is? Well, I mean... Oh, you mean when you're able to get full benefits? Right, right. Okay, and do you think you'll be able to survive off of full benefits alone? Not with $17,000 invested. Oh, no, no, probably not. Why have you been, honestly, throughout your life, why is there so little invested? Yeah.

Like, that scares the fuck out of me. Well, right? We can't all be my brother. My brother's smart. Not that I'm dumb, but he started doing all that investing at a very early age. But why didn't you? Let's not deflect on that. Right? Why didn't I? Because I'm the black sheep of the family, right? I am the...

guy who's not the norm who had to go off and go to art school and all that kind of stuff. I went to art school. Yeah, no, people can still be responsible and go into the passions they desire. Why were you irresponsible with your money? I don't care what you went and studied. There's still responsibilities around life. That's a great question. I don't know. I have no idea why. It must be some kind of... I don't know. Okay.

Okay, give yourself a financial score of where you think you are. 10 being the best, 0 being the absolute worst. Give yourself a financial score. 5. Middle of the road. You think you're average. Solid average. Negative equity. Negative net worth. Well, we do have a house. Oh, you're right. How's your wife's retirement? You guys seem very separated in your finances. She's about the same. Oh, f***. Right? Right.

So the plan was just Social Security? And this job that I have now doesn't even have benefits. But I'm on her benefits. Well, Social Security and Medicare, that's the plan? Well, I suppose. That's hard to live in Austin just on that.

Yeah, that's true. Especially in going into retirement with a mortgage that's not paid off, but still has like $150,000 on it scares me. Okay, let's dive into this. If you want your Hammer Financial Scores for free, in the description below, make sure you're giving them some love for coming on the show. And then I have permission here to beat them up. So give them some love for being on the show.

and also don't forget to apply to be on the show if you would like to be here and you need to get a nice little scolding from me so credit one this scares the f**k out of me i'll be honest credit one is like the enemy of all anything that is good in this world credit one is evil when people have credit one you know they're in like the bottom of the barrel when it comes to their finances and they're just accepting cards why do you have a credit why not

Well, I need to decide what I need to pay off.

While I can feasibly pay off, I need a plan. That's why I'm here. I need your help. I know, but why haven't you been doing... But why spend on this? Like, paying off is one thing, but why spend? Well, right now, our expenses are more than our income.

Which is horrible, right? So we are barely making it through every month. What expenses? The required expenses? Yeah. Are you sure? I mean, all the credit card bills, everything. Yes, because just your interest accruing alone is very bad on a monthly basis. But you don't get to a better place on that. First of all, didn't you just go through bankruptcy a few years ago? About six years ago, yeah. And you're in this much debt already again. Yeah, yeah, yeah. How much did you get cleared? Uh.

I don't remember exactly. How much of this existed during that time? None of that. So you built this up in just a few years. Yeah. So you didn't learn your lesson. Right. I didn't. You think, is there a word for that? It's an insulting word.

Dumb. Yeah. Yeah. Is what I would call it in a loving way. And I would agree with you. Yeah. It's stupid. I don't know. I don't know why I did. You get, you get a fresh start, so to speak after the damage from, you know, your credit bankruptcy I'm talking about. And then,

You find yourself getting right back in it. I know there's people out there that have done the same thing. There has to be. So what can one do to make it not happen? Here's a fun fact. If you couldn't pay your debt and you had to go through bankruptcy, don't take out more debt.

Well, yeah. Don't think I'm dead afterwards. I know. Buddy, you went right down the dark path immediately after escaping it. Well, we don't know if I went immediately down, but that's subjective. Buddy, we're only a few years in, and you have more credit cards than anyone's ever had on this show. Ooh, do I? Oh. It's not a good thing. Not a good thing. It's not a good thing. Okay, I can see how you've made it through life. You're joyful. You're a happy guy. I like that. I like your personality. But this is...

In general, the last thing I want to... It's totally serious. It's serious shit, but I'm usually scared for most people who come on this show. I'm talking to them at a younger age to not end up like this, but you are here in that position, but you had the chance to fix it. You went through something traumatic and painful and expensive called bankruptcy. Yeah, I think I wanted to... You're here again. Yeah, I wanted to be on the show because...

There are people that are in the same situation as me, the same age. It doesn't always happen to the younger generation. No. And so it happens. And you need somebody to to give you some tough love and tell you what you've got to do to stop the stupid cycle.

First step, no spending on credit one. $30 minimum monthly payment, balance $771.47. Interest being accrued on a monthly basis, $19.28. Okay. What? Can I mention I've learned Synchrony Bank is horrible. Yes. Yeah, yeah, yeah. Okay. I just wanted to say that because I have tons of cards with Synchrony Bank. Oh, I know. And I want to get rid of them.

Why do you open cards every day of your life? Because you... Well, I don't do it every day. Borderline, honestly. I'm not... Like once a week. No, I don't have some of those other cards. You're just... I know, you don't have like payday loans or anything, but you have like... Oh, I did have payday loans. Well, of course you did. I mean, looking at this, I'm not surprised, genuinely. We have an Apple card with a balance of $2,115.60. $2,115.60.

Okay, with a minimum monthly payment of $67. Balance went up from the previous month. And this is where you're putting some life insurance payments on a card? On a card that's accruing interest that you are losing. $45 of interest on a monthly basis and you're balancing. My dad works in B2B marketing. He came by my school for career day and said he was a big ROAS man. Then he told everyone how much he loved calculating his return on ad spend.

My friend's still laughing me to this day. Not everyone gets B2B, but with LinkedIn, you'll be able to reach people who do. Get $100 credit on your next ad campaign. Go to LinkedIn.com slash results to claim your credit. That's LinkedIn.com slash results. Terms and conditions apply. LinkedIn, the place to be, to be. It only goes up. And we put our insurance payment on there? Life insurance? Should we not do that?

What do you mean? I mean, should that be like just paid out of on a... Checking? Or money is? No, we don't put it on debt. But okay.

This is a spoiler. I know you're spending. So if you're going to say we don't have the money, I know you have the money. Your spending is dumb and irresponsible. Thank you. I'm jumping the gun. No, no. But I'm seeing the light. The spending is ridiculous. Yeah. We spend above our means. Is that right? Yes. But you're doing that in your 60s. Wow.

Which just scares me. It just scares me. Yeah. Yeah. That scares me. You can't be doing that. I know. I just don't want you to die under a bridge. And that's what I'm terrified of. Okay. Oh, God. Discover. Discover it. Of course. Yep. It's a classic one. Okay. See, 4190... Oh, that'd be crazy.

$4,196.78 with $57 of interest accruing. But congratulations! What did we do again? We went and purchased $69 of things. Our balance...

say the same even though you paid more than the minimum monthly payment minimum monthly payment's 84 but you paid 100 but it didn't move didn't move the needle we're headed into when you want to retire when you want to capture full benefits we're already two and a half years after when you're able to withdraw from taxable accounts penalty free but we're still only staying level on this credit card going up on other credit cards

This is just behavior. This is behavior. I got to stop it. You got to stop. Why haven't you stopped it then? Why haven't you stopped it? You can't just say, I need to stop that. I know I need to stop being a fat, but I still go out there and I'm like, and this is bad. This is bad. But why haven't you done this? This is about you. Why have you not stopped it? If you know you need to stop it? Well, I think I'm actually...

I think you won't probably believe this, but I think that I have slowed down the process. It's just not going as quickly as I would like. Why? If you would like it, then just do it. Right. Buddy, this is in-app purchases. Zynga crap. We're just jamming it up all day. Yeah. It's like cha-ching, cha-ching, cha-ching, cha-ching, cha-ching. You know, I was able to quit smoking and drinking.

Wow. Okay. And I can't quit this. Okay. Then I just need you to have a flip phone, dude. Wow. Just get a flip phone. Who gives a fuck? I've thought about it. Seriously. But you can't stop going in these and just cha-ching, cha-ching, cha-ching, cha-ching. And this peak thing, merchandise. $162 of interest this year so far or $57 of interest this month.

And we haven't made progress. So sure, you may have slowed down, but if this is you being slowed down and our credit card balance are maintaining, if not going higher. Right. That terrifies me. Still losing. I don't care if this is slowed down. This is still beyond unacceptable. eBay. Why do you need an eBay card? I didn't know it was called an eBay card. You open up every card that exists. I mean, I've seen them.

Normally, I would say you're not a credit card person. Use the FIS card. But that's usually for people trying to look for college benefits. And you're probably not going to college yet because you have a pile of student loans that is essentially from the underworld. Right. Yeah. Yeah.

$1,487 on our eBay card. eBay. We owe $1,487 on an eBay card. Made a little more than the minimum on the payment. I could sell stuff on eBay. Preferably, yeah. You might need to. No, I'm serious. I'm not joking. What do you have? Do you have a lot of stuff? I do have a lot of stuff. What do you have? What's like the net value? Conservative. The stuff you do not need.

And that's not terribly sentimental. I'd have to get, I have a lot of sports memorabilia that I need to get assessed. Okay. I don't want that to be the first thing, but it might be something reasonable. $30, 66 interest taking me that month and $68 of interest that year. Another synchrony card because we're addicted to synchrony. You just suck on the synchrony every second of your life. I'm their poster child.

This is a Lowe's card this time. $535.31. $12 of interest accrued. Minimum monthly payment, $30. Thank f*** there's no payments on here. I'd flip out. $30, essentially the same amount of interest was what's accrued this year so far, meaning the balance is pretty new, which is not making me happy. JCPenney card. Great. So every store card, every store that is a chain that you can walk into across the country, you have gone in there and you've opened up a card.

$1,591.19 is the balance for this, with a minimum monthly payment of $57. Good, no purchases, but interest $40.39. Or $88 this year. Oh, f*** no. $129 of interest this year so far. Venmo. You're on that new age s***. You got a Venmo f***ing credit. Why?

Why do you even have this? What in your life is opening credit to you? Because you do do it more than anyone I know. You're just... Anytime credit is available, you just open it. Walk me through that. Walk me through your behavior and mind and past around that. Well, I recognize that I may have taken... I don't know if advantage is the right word. No, you're being bent over. You're being taken advantage of. Yeah, yeah. So...

But I think about it more before I take action now. I mean, the process takes time to stop for me. Like, here's a credit card. I could apply, but I don't do it. Like, in the past, I probably would have just done it. What does your wife think of this? You guys are very clearly separate. How are her finances? Separate financially. She has probably the same amount of credit cards.

what are you guys okay perfect pair yeah um when you stop and think about applying to these new credit cards no more thought goes into it there's one thought the thought is no gotcha so on here a balance of 753.18 minimum monthly payment 30 purchases on the air 102 the balance

up bells went up 90 with 15 and 16 cents of interest accruing oh good more nf cha-ching cha-ching cha-ching great we're cha-ching in every second of our life and we're going to a deli and pizzeria where was that i don't know a deli and pizza a little deli and pizzeria oh oh who are you spending all the money on by the way when you're going out and doing say that again who are you spending all the money with and on when you go out to these restaurants all the time

Well, you've mentioned one restaurant, so I don't know about all these restaurants. I know. You're right. I'm getting ahead of myself. So it's either me for lunch or it's with my wife and I.

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I think that's the one that started it all. This isn't the one that started it all. You've been through bankruptcy. They had this display when you walk into the store. I'm serious. And I was like, oh, I probably won't get a credit card, but I think I probably should. Why? Well, don't you need a credit card? No. It's like to rent a car and that. A credit card is okay if you can manage it. Right. I totally get it. You just went through bankruptcy when you had applied for this.

You've proven to yourself through the legal system you cannot manage. And then I screwed up again. What was different? What did you think was going to be different the second time around? Have you only gone through bankruptcy once? Yeah. Okay, thank you. Why did you think it was going to be different without changing anything? I guess I thought I was going to change, but obviously I didn't. Not without actions, man. You don't just think you're going to change. Right, right. Got to put the actions behind it. Glad you agree. You just didn't do it.

$12.87 of interest is accruing on this. $29 minimum monthly payment. Balance of $441.20. $43 of interest taken this year so far. You better be willing to chop up your cards because I don't know what the f*** it's for you, man. This is insane. Verizon. It's like a Verizon card, but is this your phone financed or are you just spending on the Verizon card?

I can't believe how thick this pile still is after going through one, two, three, four, five, six, seven, eight. I was just thinking that, and I'm very sorry about that. But it's all I got there. And the Verizon card, the initial thought was if you put your Verizon bill on their cards, what they say, then you get a discount, right? So that's what I did. You put it.

coaxed into everything. Yeah. Anything that anyone has ever tried to sell. Were you a salesman ever? No. Usually they're the easiest people to sell to. I'm surprised you're not. Man, this is horrible because this is like showing how gullible I am, how naive I am. At least financially. Or stupid. Stupid. At least financially. Yeah. Right. I call people stupid on the show all the time. It should be noted that it's financial. I hear you. It doesn't mean every aspect in life.

$1,290.70 is owed on this Verizon card. $48 on a minimum monthly basis. $34.30 of interest accrued. Lovely. Upgrade. We've upgraded our life into getting f***ed by debt. Upgrade number one. Because there's two of them in here. This one's at $1,272.15. With a minimum monthly payment of $72.58. So what the f*** behind this stuff? Why do you have two upgrades?

I don't know why I have to... I think the theory behind these, not that it even matters now, is... Building credit? No, we travel. So we think... How can you guys afford to travel? Credit cards! Other people's money. Okay. Right. Yeah, but...

Not making light of the subject. It's coming back. It's hitting me. It's coming back. Yeah. And you have $15,000 saved for retirement. Or like $17,000. Yeah. If you follow the 4% rule on $17,000, you know what you're able to live off on a yearly basis? No. You're able to live off a grand total of $680 a year. I don't think you can live off of that. You're absolutely correct. For hardly even a week. And this is why...

The show needs to be taken seriously and why I have the conversations that I do and why I call people out and call out their because this is a terrifying position to be in and my heart is like dropped. First time I saw your dude, I couldn't believe it blew my mind. And this upgrade, the second upgrade, this is the worst one we have so far. $9,260. Oh yeah. Oh yeah. Yeah.

And a minimum monthly payment of $474.89. I run a non-profit. You can't. You can't. You need profit. Your entire life needs profit. For what second? Some of these, now that I think of it, could have been expenses for that. What non-profit do you run? Like, what do you do even? Well, every time... Sorry, go ahead. Answer the question.

I don't know if I should bring that entity into the conversation. Well, are you willing to say what it does? Not like the name of it or anything. It's a performing arts venue. Okay. And I absolutely love that. And you own it or you're a part of it or it's a nonprofit. So what's your position in the nonprofit? I'm the president. Okay. I think I love that. I love that. I love it. I love it. You can't afford to survive.

I don't think we give time to nonprofits unless you're very well compensated to it. I think every time that you are existing... Yeah, we're all volunteers. I don't get paid. Yeah. Again, love it. That's great. You are in no position to. Every second of your life, man, needs to be bringing in money at this point so that you can have a chance at retirement in early 70s. Oh, yeah. I wasn't sure what you were... Yeah. Yeah.

You just can't. You don't have time. You need to grind it out and that's what sucks so much. Supposed to be the golden years. But you're about to enter that post-college grind years where I'm going to need you to work like 50 hours a week, 60 hours a week, 70 hours a week. Let's continue. Another synchrony. Your best friend. Sitco. Sitco records car.

The balance of $378.05. The minimum monthly payment of $29. These minimum monthly payments are going to stack up like crazy. It's going to blow my mind. $10.61 of interest is accruing. $35 this year so far. Meaning the balance has gone up, which is great. It's a great sign. Oh, another synchrony. Oh, Sitco wasn't enough. We need Chevron as well.

Again, every store you've ever walked into, if they offer a credit card, you have accepted it. $128.08. I'm going to take out my whole notebook. $29 minimum monthly payment. Oh, purchase is $71. What did you get? What did you possibly get? It's not even gas. It's not even gas. It's going in and cha-chinging your gems. What'd that do? Zynga!

Oh, really? Yes, really. No, I wasn't aware. How are you not aware? How are you not aware? How? How? How? How the f*** is possible? How? How are you not aware? I need to be more aware. Oh, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no. How are you not aware?

What happened? How is this, like, all of a sudden attached to that app and you... But the purchase went through here. How did that happen? Do you have every credit card and you accidentally clicked on the wrong one? Possibly. But that doesn't matter. I still screwed up. Because it would have gone on just another credit card. So it doesn't matter. What are you playing? I don't know. Just, you know... No, what are you playing? Empires and Puzzles. Oh...

I don't have my phone with me. Those in-app purchases are insane. You have fallen for the game so hard. You have fallen for the game. The system. The system around their in-app purchases, you have fallen for it. So if I just need to, I know what I need to do. Or just play the free versions and just not get the extra benefits. Just disconnect the cards. All right.

You'll find a way, though. You'll connect your debit card or something. You'll buy gift cards. No, you gotta have faith in me, man. No offense, but how the possible could I have faith in you? You went through bankruptcy and you've taken out more credit cards than anyone I've ever met in my life. My own personal life. And that's not dramatic. That's not me being dramatic. I know. You went through bankruptcy and you've opened more cards in debt than anyone I've ever met in my life.

What faith could I possibly have? It's not against you as a person, but financially, what faith could I possibly have? I hear you. Ally. Usually it's like a car or a savings account. But no, you just have an Ally credit card. $228. Some of these balancers are small that we could just wipe out. Yeah. No, I'm serious. Don't look at me like that. Couldn't we? We picked the smaller ones. We just wipe them out, cut the card up?

It's a great idea. Why haven't you done it? Well, I mean, if I had done it, then I probably wouldn't be on this show. That's great, but I'm asking why. I would have rather you not been on this show. Oh, right. Right. I see what you're saying. Yeah, yeah, yeah. Why haven't you paid them? Buddy, please. Yeah. Come on. Why? Your smallest balance, like $128.

I know for a fact you had that much money. At least. Why did you not just wipe it out? Yeah, I'm obviously making this much harder than it is. I just want an answer. Right. Why? Please. Why didn't I pay it off? I don't know why. Okay. That's the honest answer. I don't know why. $12 of interest rate on Amazon.

Another synchrony card. Oh. They f***ed me in a bad way. Amazon. I loved this card. I loved it. They randomly just closed my account. They said, you're too risky. We moved into this office and I bought a lot of stuff and they're like, oh, you're too risky. Sorry. And I couldn't even appeal it. And I f***ed my credit score and I lost my 5% cash back. Whatever. It's not about me. $580.91 on here. $29 is your minimum with the payment. Interest accruing of $14.61. $14.

Yes. Am I able to ask you a question? Yeah, yeah, yeah. So if you cancel cards, does that make your credit worse? What credit are you trying to take advantage of? Answer that question before I answer yours. No, no, no. I mean, if you want to cancel your cards... I'm going to answer that question, but I want you to answer my question first. What credit are you trying to take advantage of? What kind of debt are you trying to take out? Credit card debt. What do you mean? You want to take out more credit card debt? No, no, no. I want to cancel...

the account. But your fear is that it hurts your credit. Yeah. Oh, what kind of debt? So who cares if it hurts my credit? Is that what you're getting at? Yes, if you're not trying to take out any debt. You already have a mortgage. What kind of debt are you trying to take out?

Preferably none because you can't manage that. But what kind of debt are you trying to take out? I don't know. I don't know. Are you trying to take it? Do you have plans to take out any debt? No. Then it doesn't matter. I don't give credit scores zero or negative five. Oh, OK. OK. All right. So, yes, I didn't. No, no, no. I wanted to. I wanted to lead you to the watering hole. Chop these things up. Close the accounts. Burn them. Burn them. Do a ritual. We'll go around the fire and we'll make noises and summon crazy things that will murder us in our sleep. We'll do it. I'll celebrate with you. Burn them.

$33 of interest accrued on a year. At home? At home has a card? Of course at home has a card. It's a store. So f*** every store in the world. When's the Hammer Media credit card that people can open up with a million percent interest rate? You'd open it up if you could. I don't know. $45. So why wouldn't you pay off $45? $45. Why couldn't you at least pay off $45? $45.

You put more than the minimum on a couple cards, so why not just pay it off? E-statements are horrible because I don't think people look at them. That's up to you. That's your personal responsibility. Right. I sit down on a monthly basis and go through everything. That's what adults are supposed to do. You just haven't. What? No, I deserve it, man. I totally deserve it. Keep going because it sucks. With a... Yeah, I know. I know it's hard. I know it's hard.

I respect the f*** out of you for being here and hopefully wanting to change. $63 of interest this year so far. $3 in that last month because you have been making progress towards it. Alta? Why do you have an Alta one? I don't have any...

That's because you open every card. I don't think there's anything. I mean, that's why I think I had to print. Oh, it's because your balance is nothing. Thank goodness. Thank everything. There was something good in here. This one's just the synchrony card. Just straight up the synchrony premiere. We've gone so deep in the synchrony card route that we got the synchrony card itself. That's when you know you're in love with synchrony. Balance. Oh, well, we're back up. $656.59. $656.59.

Purchases. Purchases again. Purchases. $30 minimum monthly payment. We're doing purchases plus $14.11 of interest. Starbucks. Oh, that's more important than retiring? Starbucks? I'm not even... I hate those... I don't hate. I don't hate. I really don't hate anyone. But I get a little annoyed when people are like, oh, don't Starbucks. Don't get Starbucks. You'll never be able to retire. That's not true. You just got to budget things. But you literally...

have $17,000. You're 62. Your net worth is, well, because of the house, it's a, it's positive. But if we added up all the debt, it would be negative. Um,

Oh, actually, I don't even know. You might be negative. Because I don't know your equity position in the house and we haven't even gotten to the big daddy. The big daddy. The fucking Dwayne the Rock Johnson of your jet. We don't have to go there, do we? But we will. Oh my God. But why, Starbucks? Why is that more important than being able to retire on a beach with your wife? It's just a stupid habit. You've kicked other stupid habits. I know. Kick that one. Make coffee.

Good f***. Well, I don't go every day. Here's the fun fact, mostly for you guys. You were in your position in your retired college. You just contributed 20%, 20% aside on a monthly basis to retirement. You could have Starbucks every single day, and it would perfectly fit in your retirement, and you would be able to retire, and it would have been great. But we're here now, and we have a Nordstrom card.

All right, I'm going to give you $20 right now. All you have to do is sign up for Acorns using my link in the description below. It's an amazing investing platform that you've probably heard about before, and this makes the end of your week even better. There's no strings attached. It's literally a free $20. Use my link in the description below. Is it too late? No, but you're going to be working longer and harder. Until I'm 87?

Well, we're going to figure it out at the end. Oh, my God. We're also going to teach you how to budget by going through a budgeting class and program. This is like the light version. It's hard to get through everything in like a couple hours. So you're going to go through a budgeting program and get all the education. Sit down with your wife because she has more credit cards than you, which I don't even know how that's possible. But sure. $28 balance. See, why not just pay that off and then a $28 minimum monthly payment? Like, I don't get it. What's the point? $0.72 of insurance?

Interest accruing like I don't even know why you're allowing that it's the silliest thing. It's so silly It just it reeks of financial irresponsibility This is happening. Oh, it's a this is one an NFL card and and if I didn't know that was a thing an NFL extra points card How'd you even find this? I just took some do it. I guess I don't know. I

We finally escaped the clutch of synchrony. Oh, board. $1,474.26 of death on this one. End me now. $0.39 of interest. Oh, good. Oh, good. More purchases and the balance went up. Great. With a $54 minimum monthly payment. Oh, good. Oh, what is it? Oh, in-app purchase. Gems. Gems. Gems.

$40 of interest, $107 of interest accrued this year so far for gems. For gems! That's going to piss me off. Oh, we've made it, ladies and gentlemen. We've somehow made it. How are you in forbearance? Are you in income-driven repayment or what is it with your student loans? Because I don't know why they got me in forbearance. It could be left over from the pandemic. It could be... No, that's done. I...

I had applied for public service something or other. But how? Not through your volunteering. No, because I worked for the state. That's your retail job is through the state? No, no, no. I had worked for the state before. But you don't anymore. I don't anymore. This scares my... That's not even the amount. I mean, that's just over...

of years of interest. You know what I mean? I mean, the amount I took out was nothing like that. I don't mean to keep saying your age like it's a bad thing. Oh, no, you can. It puts things in perspective. It's totally, totally... 62 years old and we have $229,569 in student loan debt basically at 8% interest. They're not even like low interest student loans. These are just...

yeah i'll never never pay that off i'll be honest i you're right and i almost never say that but i don't even just where we are in life i don't see it as a possibility and i don't know you're not you don't qualify for any um anything when you can forgive us at this time i and for some reason it's not making you pay you're in something there's something going on

I just have this for you. I think because maybe because that servicing company is like under investigation too. Oh, yeah? I don't think so. Are they? I don't know. You've looked? I think. It's in the news. That could be interesting. I haven't heard that. And I try to follow the financial news as much as possible. Because we have a news show. You're weak in money. It's in the description below. Well, he'll... Oh, accusations...

A mismanaged federal student loan forgiveness program. Well, accusations is not investigations. Elizabeth Warren invited the CEO to testify before Congress, but I don't think they were subpoenaed. So, no, that wouldn't make much sense. Well, it doesn't matter whether they are or not. The fact is, I'll be dead before that's paid off. I unfortunately agree. Yep.

I don't even consider that a debt. I mean, you find out for it, dude. Right. But don't you think the other things that are more feasible to pay off would make sense than to try to tackle that? I mean, yes. I just... I don't know what you're in right now. Like, it's not income-based because interest... Like...

isn't accruing on here from what i can see so if there were minimum monthly payments on here i'd try to figure something out but there's not but that's like disgusting i feel absolutely disgusted 229 569 37 cents ruin my existence oh this is your mortgage i have a balance 122 000

$205. Good rate under 4%. That's fantastic. So typically, most would advise trying their best not to take a mortgage into retirement. And you're pretty far off from that objective. Because especially like you, who again, if we just withdrew normal rates, like a 4% or something, what did you have? $600 to live off a year, but this minimum monthly payment is $1,000.

268 so it's like how are we paying for it I guess we're relying on government programs which you've paid into so that's not the worst thing in the world but they're also just it's not a lot what are full benefits at this time do you know off the top of your head 2300 maximum benefit 3800 I'm getting different numbers

Usually I don't have people your age on this show, which I would love more. It's just less common to sign up. Right. 3,822. If you, okay, this is from the social security's website itself. If you retire at 62 in 2024, your maximum benefit would be $2,710. If you retire at 70, maximum benefit would be 4,873. So you're just trying to push it off as long as you can. Yes. Okay. That's the, one of the plans.

retail um how are you doing and you seem healthy yeah i am healthy good how do you feel working in retail because i know that's a it's a lot of standing it's a lot of movement it can be lots of physical labor uh the job i currently have is a lot of that yeah how are you feeling oh i'm good good yeah yeah you seem healthy seem juvial jovial whatever all the good stuff so good just wanted one i just want to make sure you're not in a position that's bad or dangerous for you

Okay, this mortgage, they're not going to know. We'll make sure we cut anything and everything. For me, could you put in your address and I'm going to check the value. I'm going to lean it like this so they have no chance of seeing. Oh, my address? Yeah. We're just going to get a rough estimate because it's obviously not perfect to check. Oh, there's more cards. Oh, good. I flipped the page. I thought that was the end of the deck. There's more cards. It never ends. Can you go f***ing it? I hate Interim.

I know. You're good. If it wasn't something so destructive to your life, I'd almost be impressed. Here. This is just yours. You just want that? Zillow is not great. To be very clear, it's not 100% perfect, but I just wanted an idea. Looks like you have about $240,000 of equity in the house, which means your net worth is negative. Is your car paid for? I don't have a car in my name, but my wife has a car in her name and it's not paid for. Do you guys just have one? Yeah. Yeah.

Okay. We used to have two, but we have one. How are you doing with one? Horrible. Were we trying to get a new car? We both worked at home at one point, so we didn't really need, even though we had to at the time. And then I got laid off, and so that's what brought me to retail.

But anyway, so then I had a car accident. Oh, fuck. And we had to get another car. So that's why it's not. What? Did you have loan on that car? Yeah. Okay. So insurance covered that. Okay. 242 on an MGM card. Didn't even know that was a thing. Of course. That's because, well, we went to Vegas and.

That's not funny. I don't know. But now that I said that in light of all this, that sounds funny. But it's really just a sadish...

$5.69 of interest is accruing there. Okay. So just for you, just for you, just for this right here, on a monthly basis, this isn't minimum monthly payments, this isn't anything like that. Total interest that's being accrued across all of your debts, $906 on a monthly basis. In interest, a month, $906. Oh, my. Yeah. I feel a little sick. Yes. Yes.

Yes. As you should. That's a natural reaction. Don't watch it if you feel sick. $900? $906. And the student loans aren't even accruing interest. If those things were accruing interest... No, no, no, no, no. Don't do it. Don't do it. Don't do it. I don't know why they're not. So they might at some point. Like, there's something funky going on that I can't see there. They were at, what, 7.6%? Or 229,469.

That would be $17,447 of interest a year on just the student loans itself, which would be an additional $1,453 of interest on a monthly basis if that interest started to accrue. Did I do that math right?

I think I did. I'm pretty sure you did. Also, your wife has even more credit cards than you, so the interest that you guys are paying across the household is more than double of that, across the household. So it's like I'm not even taking your wife's income into account. If we didn't have credit cards, we would be able to pay the mortgage just on the money saved from them. Yes. So I'm confused how the f*** and why the f*** you haven't paid off a balance that says $45. Because we've never...

taken the time to do this. How? You like... And we keep saying we're going to. And we don't. You've lived 3,224 weeks. 3,224 weeks. I think you could have taken a couple hours during that time to sit down once. Especially after bankruptcy. We made it through the debt somehow with zero lines left in my notebook. Got lucky. Are you willing to chop them up?

Like, we have scissors. I need you to... I'm not going to pressure you to do anything you don't want to do in terms of physical shit, but you really should chop up these cards, close the accounts, never have access to them again for any kind of spending. I don't carry them with me. Is that good? Probably. No, I'm just saying I'm more than happy to start chopping them up. I'm glad you don't because you'd be swiping everything on the way back. I will... I will...

Give me more credit, man. What credit? What credit can I give you? You don't need more credit. Oh, trust me. That's the last thing you need. All right.

But also, what credit would I give you? I'm sorry. Through this, what do you have? You have any kids? Yes. How many? One. Okay. How old are they? She's 26. How do you feel that because of the irresponsibility you've done in your life, when you're not able to retire here soon, she is going to feel morally irresponsible to take care of you financially? I don't know. Putting her life on hold. She's not going to at all? She won't. Why?

Well, I don't want her to. That doesn't matter. If she sees her parents suffering, she will. Doesn't matter what you want. Oh, yeah. If you can't pay your bills and you're about to lose a house, she will. Meaning she's putting things on hold for you. I don't want that to happen. I know you don't, but guess what? Yeah, okay. But guess what? You haven't been mature one second in your life financially and you've f***ed it all up. And now we're here. And unless you make major sacrifices now and you're willing to grind, unfortunately, for at least a decade...

She is going to be putting parts of her financial life on hold to take care of you. So it's really the options, man. Okay, well then that... And you've pushed it to the last minute. That's the deciding factor right there. Good. At least we found something. We pulled the lever to pull. Okay, so this checking account. $1,259.

Star B's. We're back. Verizon. More Verizon. Verizon, $100 and $156 there. Verizon service. That's your service. Not even putting it on the card. The card that you got so you could get all the discounts. Doing that. $156 there. Yeah, because that plan did not work out. Because now it's, you know, the card got...

Got maxed out so we had to pay it another way because we why buddy I know stupid stupid stupid stupid at least use the people I partner with helium That's $20 a month and you get the same towers as the big guys $20 a month $40 for you and your wife come on this is that's an insane monthly bill

Venmo in out $30. Burger King. Amazon. Oh, we're going in the fucking gems. $156 of gems. Paramount Plus. What the fuck are you watching on Paramount Plus? Amazon. First watch. Ross stores. Cothrun site fee of $4.64. Oh, and then Cothrun's safe.

$132. Reincurring payment to BritBox. Netflix. Nothing good on there anymore. Spotify. I think you can listen to ads if we literally can't retire. Taco Bell. Amazon. $100 of gems.

These gems, man. Your gem addiction's insanity. You've exchanged other addictions for this new addiction. Sherilyn Congreen. Rinaldos. Taquitos. Einstein's mobile app. Popeyes. Getting things at work. Starbucks. Amazon. Velvet Taco. JCPenney. Amazon. Amazon. $100 of gems.

Every time we're going in there, $100 is gems. Hulu, you have every visual subscription ever. Well, you're also just staring at your phone and getting gems. Oh, wait, wait, wait, wait, wait, wait, wait, wait, wait. When you're saying the $100, are you looking at, does that say Google Pay? That one, yes. Okay, that's how I pay my daughter. You're paying your daughter? Well, we give her money to help her live. But you can't live. What do you mean?

I'd rather her live than me. Oh, she's 27. How is she? What? Does irresponsibility pass via DNA? What is happening? Why can't she afford to live? Well, she's finishing up school right now. She in master's? No, she's... Why is she in undergrad at 27? Well, hey, you can't put an age on an education. No, you can't. I'm asking why. Because that was her choice.

What was the choice, though? Is it extending like low credit hours across a decade or is it you have to bring her on the show and ask her that? OK, well, the reason I ask the easy the reason I ask is because I want to make sure we're not doing any form of enablement because there's right. We are not. OK, well, I can't believe that.

You're entitled not to believe. Without knowing context. Because if she took a break between going to school and then went to school and is going to school full time and she's doing it in a correct way, that's awesome. Fully supportive of that. If she's just been off in school for nine years and we're giving her money, that's enabling bad behavior potentially. And I can't support that. That is not what is occurring.

Timu, Amazon, Amazon, Amazon, Amazon, Amazon, Taco Bell's UPS store, Groupon, Starbucks, Google Store. So there's some gems, right? Shutterfy Scholastic Books. Is that like a donate or you're getting books or what can you do with Scholastic Books for $20.97? I just said my daughter's going to school. So that's for the daughter's school thing. Probably. Is it underworking?

She does have a job. Crumble? Google stores, there's gems. Manilow. Apple. AT&T Stadium. Whataburger. Starbucks. Diz. Keeps going. Taquitos. Money transfer via Google. That's either the daughter or gems. Amazon. Era Imaging. Disney Plus. Apple Bill. Starbucks. Nails.

We're getting nails did. Popeyes. Oh, f***. Thank goodness. That was so much f***ing spending. You have debt. You can't retire. And you're spending all your money going out, getting stuff, buying things at work three times.

This is a lack of financial maturity. It is behaviors. Do we all supposed to carry around our lunch with us made from home? In your situation, yes. Okay. I'm just trying to get it straight. Can you afford it? Can I afford what? To not. To go out to eat for lunch? Probably not. No.

The correct answer is no, because you're holding credit card debt and you can't retire. So no, you cannot afford it. So yes, we walk around with lunch. If we can afford it, wonderful. People put in the sacrifices in order to afford it so they can afford it. Do you not want to hear it? That is the reality of it. I've heard it the whole way through. I'm hearing it. But that's the reality of it. $171 in this savings account.

And then this check-in is $167. This is transferring things around, so nothing there. $221 in Wells Fargo savings, so nothing we can do with that. And then there's the $18,000 investing. That I like. I hate the number for the age. But I like that there's at least money in there. Oh, he withdrew $1,500. Why was money withdrawn? Why was money withdrawn? I don't recall that. Could the wife have done it? No, she has her own.

Why are you guys financially separate in every way, by the way? What do you mean? We're not separate. I mean, we share the checking account. So in that checking account was also her? Yeah, yeah. Okay. Not the debts, not the credit cards? They're separate? Yeah, we don't have a lot of cards on each other's... Authorized users? No. But yeah, that was part of a 401k, obviously, that I...

That ended when I got laid off, so I just rolled it or tried to make sense of it into an IRA or something. Which is great. I'm all about that. I mean, the layoff absolutely sucks. The value went up in terms of the money that was invested. But look right here. You took out $1,500 right there. Well... No answer? You don't know? No.

I mean, it was the... Well, would it matter if I said that was for a hospital bill? Would you then... Would that be okay? Well, yeah, that can be life and death. Okay, it was for a hospital bill. I mean, it's not for getting Starbucks. True. Okay, are you okay? Yeah, I'm fine. Okay, so it was something medically necessary. Usually, I'm assuming for a hospital. We don't have to go into details, but... Yes. Okay, and that is where that's fine. Of course, health savings accounts are absolutely great.

for that instead of having to take from a retirement because you'll have to pay penalties potentially we're also just invested in the overall united states economy we also have 1296 of it not invested just sitting in cash in there oh yeah what do i do with that invest it

I think you need to sit down with a licensed professional advisor, though, a fiduciary, who can talk about potential investment strategies for your age. Because they're likely going to want to go more conservative with bonds. Yeah, but that figure, to me, doesn't even scream that would even benefit me. No, but we need to start getting rolling. We need to start the process. We need to start the road trip. We're not just sitting at home.

You'll never get to wherever you're going if you don't start. Yeah. Yeah, it's going to be important for you sitting down with someone and figuring out what kind of funds they'd want you to get in. This paperwork is crazy. This is a wild amount of paper. This is just, oh my gosh. That was an absolute adventure. An absolute adventure. And I'm sorry for the medical bill.

Well, like that happens and I am that sucks. That sucks. That's why that's why we work throughout our life to make sure that we're saving up maxing out our health savings account as much as we can and like have a emergency fund or something like that. Yeah.

Y'all gotta use my favorite high yield savings account where you can get up to 4.6% on your money plus FDIC insurance up to $2 million. You can also get up to $300 for signing up today. It's the personal high yield savings account that I use for my money, so don't let your money be losing money while it's just sitting there. Click on the link in the description below and get those bonuses. What's that? Oh, just a spreadsheet. Just a fun little spreadsheet of what also includes your wife. So your wife...

Oh, she has a credit one too. I love SoFi for the savings.

But no, she has a credit card with them. Another city card. PayPal credit. Another Capital One card. Another city card. Another community card. Another Capital One card. That's the fourth one. Second American Express card. And a fourth community card. You can take a look. These are all your wives. You can see it's labeled. $401 payment under your wife's card. We don't even know her balances because, you know, this is an audit on you, so. It's only an hour show.

No, we can go longer than that. We are going longer than that. We're an hour five. We haven't even done a budget or anything. How was it going through bankruptcy? It wasn't as bad as I thought it would be. Did you have the house at the time? The mortgage? Yeah. What did they do about that? Did they do anything regarding that? What did they do in terms of? We had a car. They didn't do anything about that. Want to do it again? No. Oh, okay. Okay.

Well, no. In that case. I mean, that's not ideal. This is so much...

Just you. This isn't even your... Have you ever recommended to someone to do that? It's only been two times where it's like, that's an option, but I don't feel comfortable recommending it. I'd rather you sit down and get a second opinion before going through that hard. But this isn't even including your wife. You have 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22 individual debts. Individual debts. Plus these. Plus your wife's.

Which is an additional 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28 debts. Whole f***ing... We're addicted to taking out debt. That's 50. Yeah, yeah. F***ing hell. Total debt of... Total debt for you. For you...

$379,000. But $122,000 of that is a mortgage. The rest of it is bad debt. So over $200,000 of bad debt. Like $250,000 of bad debt. Did I do that math right? Does that include the student loan? Yes. Which is bad debt that you owe and something's going to happen. Aha! Noah saw it from a distance. It's the one document we print in color. Okay. So, reminder, you're bringing $3,000 a month.

$2,996.97 net went to debt. So the entirety of what you brought in. But in terms of what money went out, that was only 30.2% of the money that went out. Housing, so this is more. $1,610.78. Phone, 1.6% of your spending. Transportation, $916.46. Is this both of them combined? Okay. So what about the debt payments, though? Yeah, that's easy.

Okay, so this is both of you combined. So we can bring up the income to $6,500. Okay, well. 9.2% goes to transportation, $916.46 of that for that. And then necessary food, grocery stores, $652.14. 6.6% of the spending, $373 or 3.8% went to going out to eat.

And also, we couldn't see her spending on her credit cards, so these percentages are likely worse if she's putting money on her credit cards. But this is going off the checking accounts and then her minimum monthly payments as well. $544.09 went to unknown shopping, typically Amazon. $697.16 went to medical healthcare for 7%. $150 or 1.5% went to savings.

1.2% went to subscriptions. I don't know why we need to have that if we can only save $150. Just as much went to subscriptions almost as savings. That doesn't really make sense. $660.47 went to miscellaneous, stopping, getting something stupid, shopping from your own store. How much? $660.47 or 6.7% of your spending.

$1,044.08 went to other large purchases. Those are $10.55 of purchases. Those other large purchases were transfers to the Google Wallet, Locksmith, House Appraisal. Are you looking at selling? Mm-mm. House Appraisal. I don't know. Oh, gosh. Some checks, Goldman Sachs, bankers, acceptance, collection, sending out money via PayPal and UPS store. Oh, boy. Oh, boy. Now are you considering bankruptcy? I...

I just don't want your housing situation to get or the vehicle situation. But it's like if, if, if, uh, 60%, 60% of your spending makes up for a hundred percent of your income in terms of the household. And there's actually more spending on her credit cards that we can't see. So we're just looking at minimum payments on hers. Plus your minimum payments, your spending, and then the joint spending in the checking account, 60 to 70% of the spending are,

It went to 100% of the income. So we're spending 30% more, potentially 40% more than we make. How are you going to make progress in your debts? We just can't be spending... Really, we can't afford any fun spending. You talk about vacations. We can't really do that right now. I really don't think we can even give money to our daughter, which sucks. I want you to, but it's like...

Yo, girl, we're dying. I hear you. No, what you make, what you're saying makes complete sense. I've never seen it broken down like this. I should have broken it down like this all the time. Many times didn't stupidity, bad habit, whatever.

I'm mad now. Good. I'm mad at me. Good. I'm really not mad at anybody else other than me. It's okay to be a little upset at your wife as well, maybe. Okay, fine. Because there's a lot of debt there that you both are going to have to... If you were married, we're dealing this as a partnership. Yeah. There's going to be a lot of both sides helping. Yeah. This has just tensed me up quite a bit. I bet. And I appreciate you...

putting up with me and all of this because when you look at it easy to deal with when you look at it this way though this is this i mean i don't even know i don't even know where to start at this point so i mean i know something's and i'm thinking about that right now i'm trying to think of where what where do i point you we're out of the gate oh man

Because your living situation in terms of minimum monthly payment for the space you guys have, I mean, you're not going to get cheaper via rent if you sell or anything. And I don't want you to upgrade your rates. Rates just came in today at 7.1% currently across the United States. So it's like that house we're kind of stuck in bankruptcy. I would love to clear those small debts, but again, I don't want your car and living situation potentially. Like you would need to speak, speak to a bankrupt attorney and see the best ways to go about that. Bankruptcy attorney.

I would love to see you sit down with a financial advisor to talk about the different funds in your retirement. The crazy part is, oh wait, you wouldn't have penalties actually when you pulled that out. I'm sorry, because you're over 59 and a half. So there wouldn't have been penalties on that $1,500 you pulled out. Right. But you've still got to pay taxes on any growth, on any capital gains. Probably what, like 10% in your case? Yeah. So that's not something I'm terribly worried about.

Either way. Yeah, and knowing when... And just the growth as well, so... Sorry, go ahead. No, I was just going to say, like, and knowing when there is a valid emergency type expense, where to get that... You know, if you don't know where you're going to get it, then you just grab it, and that could be the wrong place. You know what I'm saying? Like, that probably is not the best...

I could have grabbed that money. I agree. And I would be more sympathetic if it was just emergencies, but there was a lot of bullshit in there. It was like, what, 15, 20% of your spending? Yeah. So it's hard for me to... I'd say more than that. Seriously. Yeah. Yeah.

I'm trying to think about the retirement account. Obviously you need retirement. And I'm curious what an advisor would tell you to put it in at this point. But even at the, at the best case scenario is making an average of 10% a year, S and P 500, like, but your cards are like 30%. So I'm almost like, if we're not doing bankruptcy, are we just pulling that and throwing it towards the debt? Then paying down the debt as quick as possible by working 50, 60 hours a week, which I do not want to see you be doing at 62, but doing that for like literally 10 years to pay off the debt is because you can get a fully funded emergency fund. And, um,

And then throw as much into investing as we can into what an advisor would recommend for your age. Like, that might be a possibility. But our budget's so extended right now beyond belief. Like, I don't know what to do. Are you able to work as many hours as you want or have they capped you at those slight overtimes? They've never capped me. I mean... Have you turned down shifts? Can you... How many hours a week do you think you could work if you wanted to? Well, I'm sure they would limit me at some point. I mean, I can...

you know, go up to 45, 50, but that's not what you're talking, you know, but I'm pretty sure they'd say that's enough overtime. You can't do anymore. If you can hit 50, that'd be great. Other than find another 10 somewhere else again. And that's not something I want. Like, I don't want anyone to take it that way. I don't want you to take it that way. It's just like, at this point, it might be a native bankruptcy is not in consideration.

Yeah, what's upsetting is, and it's just crying for no reason because no one's going to help but me, help myself. And that's just not making as much as you would think, as much as I'd want to make. Of course, everyone says that, but I mean... When does income typically cap in someone's career? I think it's like their early 50s. So income from low 20s kind of goes like this, and then you get your early 50s, and then it kind of goes like this. Yeah. Typically. So...

I mean, you're just, you're less competitive in the workplace, just economically speaking, if we're just being like. Yeah, nobody wants to hire. No ageism, no nothing like that. If we're just talking like true competitiveness in the workplace from a capitalistic standpoint, you are less competitive in the workplace because. Right. No, you're right. I see it. And ageism does exist, but I certainly can't.

I'm not blaming that. That's just the way it is. Yeah. People shouldn't be discriminated on hiring based on age. But if we're also, also just being subconscious for thinking about hiring someone, I'd want to hire someone that can work with me for 20, 30 years and someone who's looking to retire in a few. Right. But also no one should be discriminated based on age. So it becomes a very complicated topic. And I'm also, I also am willing to admit I have a great amount of ignorance on that topic specifically as well. So,

Usually this is where I make a budget and stuff like that. Just like the payment. Let me figure out your minimum monthly payments on debt alone required. You didn't miss any. And I, I'm not sure how your spending's crazy. So there's something a little off. You're lucky. These student loans are not making you pay right now. I would love to know what they're on right now. I would think income based, but typically interest accrues during that. I mean, minimum monthly payments.

You bring in only $500 more while you're working overtime. You're only bringing in $500 more than your minimum monthlies and your debts. Debt's not including groceries or healthcare or anything. That's just debts. $2,500. Gas. Yeah, car maintenance. Pairs. Anything and everything. This is literally only minimum monthly debt payments. A little bit of escrow. $2,533.68 on a monthly basis.

My prescription sucks here. My prescription sucks here. Because normally this is where we make a budget and we work our way out of it. I don't know if I've ever seen a budget so far gone. Because that's just yours. And then if we, oh, it's probably the same for the wife. No, I mean, if we take out the mortgage, maybe it's like, okay. Maybe the combined minimum monthly payments is like closer to like $4,000, $3,500. And even still, it's like with all the other payments and medical things going on that we haven't talked about.

learning lesson for y'all out there for sure who are like i'll deal with it later future me will be okay with it no no no so are you willing to talk to a certified financial advisor absolutely okay i think that'd be your next step just give some advice see what potential consequences could look like because again okay

more than half of this are from the credit cards. More than half of this is from the credit cards, not the mortgage. If we could just get rid of that, all of a sudden I can make you a budget and we could get to a point where you're able to retire, you know, on the lower end, but you'd be able to retire and be debt free. So have the conversation with that. The financial advisor is going to be analysis and then sitting down with them. You know what? Actually, we have a, we have a licensed financial coach on our, on our end.

that people can sign up for. And he's a CPA and he's like well-versed on a lot of financial things. I'll put you through two sessions with him, two sessions with him. He's a financial, you know, licensed financial person. And you'll go through that. And based on his advice on who you should talk to next, we'll then point you in that direction. And we might be able to cover something there as well, depending on what that is. Oh, wow. But let's put you with our like licensed coach.

Two sessions. So, yeah, we'll get you set up with that. I think that's what's going to be important for you because this one, the prescription is literally talking to different professionals in different specific areas who can focus on different things because your debt has just gotten so massive that it's almost impossible to budget out on just what we have. Yeah. I'm sorry. No, no.

You don't need to apologize. I know. Just usually I can be a little more productive. You have been productive. Okay. Well, thank you. You have been. You've put it the way I needed to hear it. I mean, you know what I mean? Yeah, sure. Yeah.

Yeah. I mean, I'm not stupid. I realize it's unbelievable. I do need you to change. You're not stupid. Trust me. I've talked to a lot of stupid people. You're not stupid. Financially ignorant, absolutely. But one thing I need you to change overnight, starting today and having a conversation with your wife about this, behavior needs to change immediately. We cannot be going out to eat. We can't be doing Starbucks. We can't be buying things from our store. Yes, we're going to put you through these systems and get you connected with people and potentially cover certain things outside of our own.

But what you have to do now is change your behavior the moment you walk outside the store because you cannot afford to do all this extra stuff. I can't keep adding. You can't. It's really literally for you. It's literally whatever your basic minimum needs are is all that you can afford right now until we get something sorted out. Because there's also a big piece of the picture missing from what does the wife's debt look like more than just the minimum monthly payments, which is what we have. So. I agree. That's my diagnosis. We're going to be in touch.

We're going to do follow-ups on our new follow-up channel and we're going to do things and we're going to hopefully figure this out. But this is going to be a long process. And let me be very clear, it's going to take a lot of work. This is going to be the first time in your life where you're actually going to be financially focused and like building something. Because I want to see a minimum decent, comfortable retirement within a decade, a decade and a half, which sucks because I would want you to be entering that right about now. But that's where we are.

No, you've made complete sense. I'm all for it. I'm ready to do it. In fact, I'm already thinking when I get home, not thinking, you know, scissor time. Good. Good. Good. With the cards, not your wife. Good. Or with both. Correct. You do what you want to do.

Make sure to stick around for the post show, everyone. I think, I mean, it's pretty clear it's a hammer financial score. Actually, there's going to be a real estate score here. So I will, I think it's a hammer financial score one out of 10 because real estate is playing a big thing here. Make sure to check out all the resources linked in the description below. They are what I use or would use in specific situations, including the best budgeting program in the history of the internet. Today on the financial audit post show. Did anyone ever say like retirement, dude?

Set some money aside. You hear that a lot. You have every intention of doing that. Something happens and it's like 20 years have gone by and you're like, why didn't I? Why isn't somebody telling me this? Right. You say that in this stupid, funny way, but it's not funny. And then you realize, well, wait, people did tell me this. To watch the financial audit post show, click the join button below.