Somehow, even after a long conversation in this episode, we uncovered EVEN MORE wild stuff about his past in today's Post Show: th-cam.com/channels/Le_q9axMaeTbjN0hy1Z9xA.htmljoin
Hey Caleb! Is it possible to pay for just the food budget you talk about? I'm trying to take control of my spending and don't currently have the budget to buy the full course. I did try emailing the support email a week ago but there's been no response. Thank you 😊
Caleb, You can't call an IRA distribution's taxes "Capital Gains." It isn't "just the growth," but rather the entire distribution at ordinary income rates. Refers to your comments around 1:10:00.
Hey caleb, first off i love your show! 2nd, i have applied to be on your show a while ago because i need a finance daddy who will give me a stern talking to (jk lol). Im 23 and I decided to watch your show today becuade ive been debating on getting a roth ira and my entire family is telling me not to. This episode spoke to me specifically and i'm reaching out today to ask you to give me one more consideration to be on you show. I am in debt to the irs right now and ive never learned how to budget so i believe WITH YOUR HELP i could be one of your biggest sucess stories. Thank you for your time and consideration.
I love the idea of a Hammer credit card, and when you apply it just pops up with "You are not a credit card person" and no one ever actually gets one lol
These older guests are ones we the viewers appreciate and learn the most from. They are living proof of exactly what can happen if you are reckless and uneducated when it comes to finances. I feel terrible for his situation but respect his bravery for sharing his struggles for our benefit.
Most older people do not want to go on there to be yelled at by someone half their age and on camera. I imagine that is why it is harder to come by older guests like this.
I don’t think people on here realize that this guy’s situation is way more common than you think. SO MANY people are in this same exact situation. I work with people in their late 60’s, early 70’s that will be working until they die. Zero retirement whatsoever.
my parents and my grandparents and all of my aunts and uncles. one set theyre said they prefer experiences so they dont pay off shit just go out. i do not take financial advice from anyone in my family. i work and a bitch at everyone who owes me money.
My step grandparents are like this guy. They go one 2+ cruises a year even and put it on credit cards because they simply can't afford it on their current salary. My step grandfather just retired and they have over 40 grand in debt PLUS a Mortgage...
This one actually broke my heart. THIS is the future Caleb is constantly telling his younger guests they will have if they don't get their sh*t together! Thank you for being a guest on this show Ted. You've probably helped wake a lot of people up to their financial reality. Wishing you all the best luck in the future.
I saw some people in the comments mention the yelling for this guest. But it’s 100% justified because everyone can agree the situation this old man is, is VERY SCARY. Like you mentioned, this is what Caleb had been pushing with the young guests he had on the show. To NOT be in this situation. To NOT be dying on a walmart floor because you neglected your future self. Ted has since long needed to have someone scold at him and tell him what he SHOULD NOT BE DOING. Even his wife is on the same page as him. He’s already at the cliff and change is non-negotiable here. He MUST switch things over before it’s too far late.
How did it break your heart? This guy lived his life recklessly for 60 years, borrowed money he never intended to pay back. It's childish and pathetic imo
Caleb, I would like to offer you a tip I learned when I trained to be a teacher - if you are asking a question and the person doesn't understand the question, repeating it will only lead to frustration for you, them, and in your case, the listeners. I have noticed that you ask many guests "what credit are you trying to take advantage of?" That a great question, but not a single guest has understood what that means due to their lack of financial literacy. You may get much better results if you say something like "Credit scores are mostly necessary for people applying for new credit. What new forms of credit are you planning to apply for?"
This! I somehow automatically dislike people like this as they don't understand that repeating the same question or answer makes the other party understand them.
I debate sometimes for me to come on (35F) because I could always learn something new--but the tough love approach doesn't work for me. I also feel like I am not as bad as others (BS2 per Ramsey method) because my husband and I are finally on the same page. Since March, we paid off 3 cards and another will be paid off in May and the cards are cut up.
This is by far the scariest and most impactful guest you've had on. This just shows you will not 'figure it out' later because later comes and nothing will change if your behaviour doesn't change.
When I see people gripe about “just cut back on Starbucks” advice and how it’s not the “real problem”, this is the counter. Imagine if young people who are struggling right now took $2k a year in “daily routine” and put it into a Roth IRA? From like 25-40, and let it sit there after. Adjust the $2k for inflation and get 6% return after. At 65, that’s $200k. And you probably stopped contributing to that Roth IRA because now you make too much to qualify, and you have a 401(k) with company match. So the next egg is probably a lot bigger. Then again, I do wonder how people like me would get on if there weren’t people dumping their hard earned money into consumer goods. The ROIs might not look as hot.
At some point you realize that "growing up" and "getting older" doesn't automatically change things. You have to actively grow up and change things yourself because otherwise you'll end up being a 65-year old teenager.
The worst part about when he says "are we all supposed to bring our lunches in a bag?" is realizing that for 62 years this man didn't realize he could bring a pb&j for lunch and just have extra money to invest or save.
He realised he could, he just didn't see himself as one of those people. "Are we all supposed to bring our lunches in a bag?". The implication being that it's fine for some people, but he thinks he's somehow above that sort of thing.
He is like a young guy that just happened to get old physically but did not learn from his mistakes like most people do, it’s very sad because I have family like this.
This will go down as the most IMPORTANT episode of Financial Audit! Every person on the show needs to watch this. Kicking the can down the road and bankruptcy are not the answer.
100% agree. This guy put himself in an unrecoverable situation, which is absolutely terrifying. His example should serve as a dire warning to people who still have time to turn things around.
Wow already been through bankruptcy… how the hell does someone then allowed to accrue so many credit cards! You would think the banks/institutions should refuse the applications?
I am 47 years old. I am paying my parent's mortgage. They have zero in savings. It sucks. It really really sucks. Listening to this made my stomach hurt. Credit card debt. Living for today with no regard for the future. I do not understand that generation.They inherited wealth but, spent it all. I am mad and sad. I can not abandon them. It would make me live with crippling guilt, so I choose resentment I guess. His attitude makes me angry. "Am I suppose to just carry my lunch with me every where I go?" Yes. Yes you are. The ant and the grasshopper. I read it and got the message. He should too.
I also pay my 69 year old mom’s expenses… after they build up and she text me for help. I also had resentment but had to let go of it and set boundaries. Not saying I will no longer help her but she needs to communicate with me. She feels like she doesn’t have to answer to me because I am the child. My brothers and I have offered for her to live with us. Hell, even suggested she could live at each location 3-4 months, be the traveling grandma, and does not have to pay us a penny. She could also sell the family property, split the proceeds with her brothers and have money in savings and do what she wants with her incoming money. She won’t do it. Her choice. But I know one thing. She better not ever hit me with another $1400 electricity bill. I have to get aggressive so I can retire in 11 years at 57. Not playing games with her anymore 😂.
Augh I feel you. I love my parents which is why I help them now because they really are great parents. It just angers me that they never thought about investments during their working years. They both shopped a lot and still continue to do so. What's frustrating is that they think they're saving money because it's on "sale." So frustrating to say the least. Ppl really shouldn't rely on their kids to take care of them financially in their old age esp. in these trying times and vice versa.
Look even deeper. You talking about the boomers. Like the millennials they don't even realize our generation (I'm 51. GenX like you are) even exists.... it's only about them and IMO top narcisim.
Please listen to the Dr John Delony Show. This isn't your problem and as long as you enable them they will not take care of themselves. Choose guilt over resentment, bc you will resent them for the rest of your life, not theirs.
Yeah. For a bit he seemed to want to blame his situation on doing things differently. It's fine to do things differently, but you still have responsibilities. Taking vacations on credit cards after filing for bankruptcy because of your debts isn't "not the norm", it's irresponsible.
To be fair, would you know about retirement accounts and index funds etc without the internet? If I didn’t have that one coworker who walked over to my cube when I was doing new hire paperwork and told me to at least get the company match in the 401k, I would be screwed and have to play catch up even more than I am now (6% + 4% match = 10%, 10% isn’t enough so now I have to make up for a decade of doing 10% when I should have been doing 20%).
I’m so glad Caleb mentioned that his daughter is going to have to take care of him. I am stuck in this situation. My dad was a gambler, making 45k a year & ended up over 100k in debt due to a gambling issue. I would have loved to go to college but unfortunately I had to fix my parents mistakes. It really sucks. I was able to get my associates degree, and I would love to go for my bachelor’s but it’s so hard when your parents are so lenient on you: If you are a parent, get it together for your child.
My husband and his brother are just like this. His brother owns nothing! His spends it as soon as he gets it. He's even told us that he believes in living for today.
@@persuethedream9862 Well I lived my life preparing for "someday" if I don't live to be old it's all for nothing. Longer I live, figured out all of it causes stress and takes year's off. Herse drives by every other day. Seen a long line of cars following many. Never have I seen a U-haul attached.
This one hit a little close to home having parents that are hitting 65. No retirement, no health insurance, in heavy debt, still buying non-essentials everyday just to feel something. I can't have a single conversation with my ma about finances without her breaking down. I feel so deeply for this man, and I have so much respect for him going through this, it amazes me he holds it together so much and has enough humility to come on this show.
I respect him for coming on, sure, but he has shown he really doesn't care. He just went through a bankruptcy six years ago and he's back to this point and when pressed about what he's doing he simply says "I don't know"? He "holds it together" because he doesn't give a crap, and that's more than evident. This guy's NEVER going to be out of debt and will probably never be able to retire. He's the poster child on how NOT to live financially.
You hit the nail on the head. “Just to feel something”. Most people in poverty will spend like this in large part because they have deeeeeply learned the lesson “Why save for tomorrow when nothing good comes from it now AND something always messes it up anyways”. Learned helplessness is so sad.
It is sad. My parents don’t have a debt problem thank God but they have nothing for retirement other than an investment apartment in our home country making 300 a month. They said worst comes to worst they’ll just move back and live in the apartment or rent there.
This is a point where losing it needs to be made. This is ridiculous. Beyond ridiculous. I'm 56, and I would be doing this as a mom to my kids. And this guy still owes student loans!! (perfect example of him not needing a college education if he didn't really use it)
He's not losing it BECAUSE it's an adult 40+ 💀💀💀 let's be real, even if it's a character, hes going to feel a little funkier about ripping a whole ass adult 30 years his senior a new ass over some 20 y/o, anyone would!!
@@timberthus2562i would, to be an example (minus leasing 2 BMWs and expensive travels every year in my 30s - europe every year for 4-6 weeks each time 😳). Over a million net worth as a single female:)
This man's future is death by a thousand credit cards, mine was death by line of credit. I woke up and realized our debt load was crippling us. We sold our fancy house and cut our mortgage in half. It has taken us 15 years to dig ourselves out of the deep hole....with university fees and weddings to take care of as well, on our journey. We will be mortgage and debt free in just over 2 years . The burden of debt was giving us too many sleepless nights. I am now a budget fiend, watching every dollar closely and making them count. It is amazing how much money one can save if you exercise a little discipline when it comes to discretionary spending.
"Are we all just supposed to bring our lunches in a bag?" I was raised with the complete opposite mindset. You always bring your own food to school, work, day off, road trip, etc. If you left the house you brought food. I was told that you cant expect others to feed you and if you forgot lunch you didnt eat until tou got back home. The first time i saw someone order food to be delivered for lunch my mind was blown.
I agree mostly. I bring leftovers, sandwiches, whatever. I MIGHT treat myself out to lunch once or twice a month, but it is never more than about $8 or $9.
I work in a restaurant and business is SLOW. It amazes me how many of my co-workers will spend their tips on an overpriced meal, not finish it and be happy with it situation. I had a manager say I must be rich bc I always bring my own food (cheap ass food btw). I over here like no, I'm just broke and will not spend the money I came to work to make on food at my work. It just doesn't make sense. And that 50% discount makes no difference!
I saw a woman like that. 75+ pushing the cart of blue bins at WM to take food to cars outside. Likely took SSA at 62, COLA did not keep up with inflation. Now needs to work. This was 4 months ago.
This is why the "listen to your elders" is not always a good idea. My parents are TERRIBLE at finance but my grandparents are great. My grandparents gave my mother the same advice and info as myself but she obviously did not listen/follow and I did. Im 34 my mother is 62 and I have 3x her retirement already.
@@kylem2010GT I disagree. Solid financial advise doesn't change. Spend less than you earn and save the rest. It can get more technical but in general if you follow that rule your whole life you will be set.
@@EarlsPearls FACTS! I’m 61 and fully retired from corporate America. I spent 36 years in the tech industry. I paid off the mortgage on my home while I was still working full-time. my car is paid in full. I have no credit card debt at all. It’s important to note that I’ve lived below. My means my entire life not just now. My current monthly expenses add up to less than $300 per month (that doesn’t include my property taxes which are relatively low at $1100 per year and my car insurance which is $840 every six months because I have a luxury vehicle). very grateful that I received financial literacy from my grandfather when I was very young. He always told us spend way less than you make. And all the years that I worked in the tech industry. I never even spent half of my paycheck. I also had four streams of income coming in during my 36 years in the tech industry because I was in sales, so I got my salary monthly, my quarterly bonus on my sales, a quarterly bonus on my teams sales and a bonus for the year for hitting NNR goals. Life is great now. No stress & left each day with gratitude.
I used to work for a lawyer who did bankruptcies for clients: very eye opening on what NOT to do. You can’t file bankruptcy any time you want to, you generally have to wait a few years from the last one. Some clients were frequent flyers
My heart ached when he asked, “Is it too late?” After 6 months of planning, goal reiteration, and following financial content. I finally paid off all of my consumer debt last week in fear of those words he just uttered. Falling into the Caleb Hammer/Ramit Sethi rabbit hole is one of the best things that has happened to me. Rooting for you!
Ramit is good cop and Caleb is bad cop. It helps to hear a gentle approach but I love how Caleb doesn’t let them get away with BS and makes them look in the mirror. Ramit is good at getting the couple to work together and listen to each other, but in order to do that, he almost has to say oh gosh, this is a problem that is no one in particular’s fault. Let’s fix it together.
I am BAFFLED at how shocked people are that they shouldn't eat out every day. "Are you saying people just walk around with lunches they bring from home?" YES. Good grief. I make significantly more money than this man and I have no credit card debt but I bring a lunch from home every day. Because that's how we stop ourselves from spending more than we earn and getting into crippling debt.
SAME…I actually ordered GrubHub for dinner today but that’s one meal out of 21 this week. 😂 Earlier this week I had a craving for my favorite breakfast special from my local deli but instead of dropping $17 I bought the ingredients and made it myself. For the same price I can make 5 breakfast specials at home. I’m only a little younger than this guy but I’m betting we both learned this math in school…just saying…
Exactly! I pack a lunch every day for work. And on weekends I pay meals and snacks for me and my kids while we are out doing activities to ensure we don’t stop for fast food. It’s not hard to do! The food is MUCH healthier and you don’t have to wait in lines.
Not just 30. I am 42 and this scares me. I had $4000 in savings and was starting to really build up my savings and then life happened. I regret every purchase I have made but I am going to buckle down and really start paying off my cc and start saving again
The answer to so many of these questions is simply that these people don’t understand that not paying off a credit card in full every month will generate interest.
It's valuable to see Caleb's treating a 62 year old man the exact same as all the other guests and gives credibility to his passion for what the goals are for the show and his passion.. It is a reflection of maturity in consistency, even if the approach is keenly tailored to his persona (but not a fake persona like other financial support media).
He can't do BK for at least 7 yrs from the last one. And the judge is going to be waaay less chill about it the second time around. As far as his student loans (depending if it was gov or private): "By law, Social Security can take retirement and disability benefits to repay student loans in default. Social Security can take up to 15% of a person's benefits. However, the benefits cannot be reduced below $750 a month or $9,000 a year. Supplemental Security Income (SSI) cannot be offset to repay these debts."
Honestly it's better that he doesn't get too many guests like this. Not because I don't want to see them or that they shouldn't be helped, but just because the fact these guests are harder to find is a good thing.
47:29 honestly, thought that lean back was him starting to have a stroke. $906 a month in interest made me spit my drink out. I want to see an update from this guy.
He replaced one addiction with another. That's honestly what happened here. And the wife took full advantage of the situation. They enable each other to spend irresponsibly.
Yep. Even if he “gets it,” it won’t work if she doesn’t come on board, and there’s no reason to think she will. I was married for 23 years to someone like that. She wouldn’t stop spending. After eight years, we separated our finances. When I left, she had $50k in credit card debt, despite working full time and having a professional degree.
I agree CC companies are nothing but predatory but lending humans money with interest is the one of the easiest ways to get rich in America. You can always bet on the human condition and the low quality of financial education in the country. Consider why scammers target Americans way more than any other demographic
It’s really nice to see an episode with less screaming. Caleb is acting as he always does but this guest is showing a genuine desire to be better keeping Caleb from blowing his top. I wish this guy the best and I hope we can get an update one day to see his progress
This is what a lot of commenters don't get, Caleb isn't a douchebag right off the bat unless a guest lies, bullshits, or is disrespectful and delusional.
This guest has an addictive personality- alcohol, cigarettes, gambling, credit cards. He gets a high off it all. So he quit 2 addictions, and replaced them. He needs Caleb. But he also needs a therapist to heal. ❤ Otherwise he will be 70 yrs old and living in his car, his wife also.
Yeah I immediately said ‘addictive personality’ when he couldn’t figure out why he opened so many cards. It can be kicked as he’s done before but it’s about not picking up a new addiction after
I thought the same; he replaces one addiction with another. He is also happy in his financial ignorance - doesn't really want to know because it would require making hard changes in his behavior.
Probably one of my favorite videos to date. This is the a real representation of every 20 something year old you have tried to help but they can't conceptualize being 60 years old with the "it wil solve itself mentality". Hearts out to our elders like this man we need more of this honesty and openness from our elders. Much respect!!
But as we can see from this show, 95% of people are in bad financial situations because they were stupid with their money. Which means young people can change it if they’re educated and smart.
I know this is an older video but a little good news for you. I'm on track to have my car and a loan for my AC paid off by in the next 9 months. Right now I'm putting 8% toward retirement and my company matches 5%. Once the car and AC are paid off I'm going to increase that.
Get debts down and get your expenses are low as possible. At least SS is gauranteed income AND his wife gets SS as well. That's a tatleast $1800/Month of untaxed guanreeteed income
Ted, I hope you read this. As someone who was on the show.. please dont think its stupid to cry about it. I know the feeling of having it all laid out and realizing how much you have messed up. Especially having a child. You can do this! It wont be easy, trust me! Old habits are hard to break. The fact that you are upset about it shows how much you care. You have a beautiful heart and soul. Keep that shine and you'll make it out just fine. ❤ I completely believe in you.
Ted that is awesome that you weren't afraid to come on the show and get financial advice. This show brings in all walks of life: old, young, short, tall, misunderstood, confused, smart. Caleb, you always provide easy to understand tutorials for finances for your guests. I'm really impressed.
My mother declared bankruptcy twice. Both times she had over 100k in consumer debt. Then…she ended up being sent to collections by the bankruptcy lawyer. Then, she refinanced her house to pay off the next round of debt. The money was not enough to pay the bills so she used it to go on a big vacation and just kept making monthly payments. She had a car that she was tired of paying the note so they devised a plan for insurance fraud and it worked. She has student loans from 1995 that are up to 120k now.I was out of the country for 10 years. They lived in my house while I paid the mortgage. They rented out their home. I wanted my mother and father to use those years to save some money. They didn’t. My son helped them to do paperwork to get some VA benefits so now They are almost 80 years old. They finally paid off the house. They have 20k in savings and my mother spends it the rest on crap from Home Shopping Club. I told her it was junk. She told me to leave her house and never spoke to me again. She never wants anyone to mention she may have a spending problem. Spending addiction is real. It has no upper age limit.
Your parents sound incredibly entitled. Their actions have never caught up to them. I'm sorry to hear about her attitude and behavior. It's incredibly sad that she would choose crap for mail order catalogs over a relationship with their own son. There is definitely something pathologic there.
@@deirdrekiely6187 Now I don’t think she will. Growing up in it, it is very difficult to understand as it was all I knew. I assumed every family behaved in the same way. In fact, I was always told that people who saved were considered stingy, selfish people. It is one reason I spent a lot of money on other from a very early age. I believed it was a bad character trait to hold onto money. I can see now that it was naive to think she would change. I would just call myself ignorant. I also think that spending addicts fly under the radar in America. It is not an addiction that is widely recognized and understood but it does as much damage to a family as any other addiction.
The subtle lies. "Why are you buying books from Scholastica?" "I have a daughter in school, right?" "So you bought books for your daughter?" " Umm... yeah." And "Why did you take $1500 out of you IRA?" "I could have been in the hospital." "Were you in the hospital?" "Umm... yeah."
He’s 62 chronically, but about 6 from a financial maturity aspect. He lives in the moment and lets the chips fall where they may. I’m planning to retire at his age and will do so with dignity.
My father has become pretty addicted to candy crush these last few years and this episode scared me a bit. These games are rationalized away because "it's not gambling" but fake virtual gems are way worse imo. Casinos wouldn't last a day if they gave out monopoly money, but that's exactly what mobile game currency is.
“I was able to quit smoking and drinking but I can’t quit this.” Love the honesty. It’s an easy step to say one addiction replaces another. Ask me how I know.
I used to be addicted to caffeine and nicotine, I was spending to much money on Starbucks and smokes. So now to save money and be healthier, I suck dick behind Wendy's for meth and heroin.
I took my Hammer Financial Score. I have no debt, no car payments, no student loans, own a home, but I'm behind on retirement savings, currently putting close to 20% in... I was a 5/10 Caleb is a savage.
Right? I’m 50, no credit card debt, student loans, or car payment. Believe I’m on track for retirement. House to be paid off by the time I’m 62. My score was 7/10.
I do honestly think the HFS should be tweaked a bit and include a category for income (5 points for average, less for below average and higher points for above average), and possibly another one for overall net worth regardless of debt or spending, and some other metrics that aren’t tracked as well as they could be. Though I know it isn’t really meant to be an exact measurement, just a sort of baseline and for entertainment purposes
Same! I have no debt, on track with retirement, a savings rate of 40%+ and very low expenses. But I don’t own a home yet. Was also a 5/10 HFS. I’ll take it after seeing all the 0s and 1s on this show 😂
Yeah I don't agree that real estate is a required component. You could be a multimillionaire but believe renting is the better deal and you'll get a lower score.
@@nodsib plus some of us retired early and so some of the questions make no sense when asking about % of salary etc. Plus some of us left the USA to have better lives and renting in a foreign country might make more sense than home ownership.
I’m 6 years older than this man. At his age I could stand and work all day, I really couldn’t do it now. He is planning to work indefinitely but the reality can be very different
@@demontrader1222I really hope that's sarcasm... From an outsider looking into the US - those 2 people don't seem to be all there, mentally speaking. The only reason they're still going physically is because they'll have the best doctors available and a whole team dedicated to keeping them moving and alive. Not many people get that luxury in life. There's a reason life expectancy corresponds with wealth.
@KyleMck Humanity obeys the laws of evolution and these 2 obey those laws in ensuring US leads the world economy. Few other leaders do. Most supplicate themselves or aimlessly posture. By any measure, the US does remarkably well.
Wow. Watching this at 61. Retired at 55. Young people go in the trades make sure you start investing as early as you can. This guy will die under a bridge. I feel bad and boy did his attitude change about his daughter he might feel great now. Let’s see how he feels in 10 years
So many degrees are an absolute waste of time. Trades are a much better way to go. Many of these people years ago would never have wasted their time going to University and wouldn’t have got in anyway.
He has a masters degree and experience heading a non profit… there are MANY non profit organizations with a paid executive. He is more than qualified. He could probably also throw his resume in for volunteer management jobs which can also pay very well. He could probably double his salary overnight that way.
This is not a bad idea….but he would really need to beef up his resume and work on his career narrative (explain why he was simply a retail manager up to that point)
@@OShackHennessyI'd be willing to bet the gems addiction and bankruptcy is a clue that there definitely are personal reasons he may have a difficult time holding down an exec job
Don't let family labels like "black sheep" or "the dumb one" affect your financial future. Your decisions shape your financial well-being. Choose wisely, educate yourself, and take control of your finances.
This was my dad... but he actually was a product of his environment. He dropped out of school in grade 4 to help look after the family farm while his brothers continued their schooling. They are all very very successful and have trades and businesses, and he was stuck in labouring and plant operating roles, and got caught in the gambling, drinking, and smoking lifestyle. Impact is multigenerational - mum and dad were renters, no change of inheritance to assist kids to get homes, poverty trauma, etc etc etc. While there is responsibility, some people have a lot more barriers, and its fucking exhausting.
In his case… he has very definitely proven he’s the black sheep and the dumb one. His family got tired of his antics decades ago. And he’s telling his daughter all the same mistakes are okay.
@@julieross1984that sucks, would be nice if the rest of the family could recognise his giving up his options so they could flourish. Though the mindset of the one who takes on a parental role early is likely to still be sacrificial and pride affects accepting financial support.
@shaunpixel there is truth in what you say, assuming we can never fight out of labels. Especially if it more of a label than circumstances. However there are real difficulties faced by some and not others. But also social messenging. Some decades ago my dad worked as a careers adviser and cover several high schools. Stuff like what subjects to focus on, or ways to get good experiences for resumes (or CVs as we call them) and college applications for what they want to do, or helping them to think about it if not sure. ( This was before Internet searches). Why saying this? Because 2 schools just a few miles apart but massively different in socioeconomic terms we're chalk and cheese. At one pupils had aspirations to be lawyers, doctors, to go to university. They saw potential and opportunities as available to them. The other school pupils saw the nearest big town as a world beyond them, they did not expect much, they saw fathers and grandfathers out of work most of the child's life after the mines closed and no new employers coming in. They had a form of learned hopelessness, to not expect much of the world and therefore of themselves. Some have heavier burdens to try and set aside, ans some have cultural trampolines to launch their dreams.
That part at the beginning kinda broke my heart. How many times was he called black sheep and probably worse to the point that he internalized it, and kind of got a learned helplessness from it. I hope he can turn it around in time to enjoy at least a little retirement!
My parents had a couple friend like this when I was a teenager. They were probably only in their mid 40s at the time and they had already filed bankruptcy multiple times! And they both drove around in new cars and vacationed in Hawaii. It was so weird, even at that age I was so confused! The wife would come over and cry to my mom anout how broke they were, again, and then do it again in a next few years. My parents worked so hard, didn't use credit cards unless they payed them off, didnt take a real vacation until they were nearly 50. So thankful for the sanity they raised us with!
As someone whose father had a gambling addiction and died in debt at age 67, I really wish this dude the absolute best and I hope he can get things squared away.
He starts acting all big and tough when he can't pay off his own loans, made me laugh a bit. The best thing you can do for your kids is be financially mature so you can afford to help them. After that he started whining about making his lunch. This is the kind of boomer people are right to complain about, an entitled loser of a man.
Lol. Just had my tuna on wheat with 2 pickles that I eat almost every work day. Cost for the week: maybe 8 bucks for 4-5 lunches. Lunch from home gang, rise up. 😂
8:31 I know a guy who had 77 credit cards but $750k in the bank and no debt. All were there to get the points. He built hotels and was also partner in a furniture store. Inventory went on a card and revenue paid it off. He took his entire family to visit his family in India for $zero out of pocket. It's called discipline and measured risk.
Caleb, I’ve been watching your show since near the beginning. This is the first episode that really opened my eyes. Seeing the look of regret on his face made me realize that I never want to end up in this position. These are the types of shows we need more of!
I don't see regret on his face. He is completely in denial about everything. He does not want to acknowledge anything. No real reason to do anything, he can just declare bankruptcy again and we will pay for his frivolous debt. I resent people like him.
100% agree but the CC companies can lobby and prevent that. We are looking at the newest generation/version of slavery: and this person is so stuck in it its so sad and scary.
Lots of people in USA declare bankruptcy due to medical bills so I don't think your idea is fair to all people in this situation. Also some bankruptcy involves paying off the balance of the old debt but without the interest so that the person can dig back out.
Eh, I think they should revamp the entire credit industry. 20%+ interest rates are criminal. I think once you miss a few payments they should then lock your credit till its paid off or something.
I'm at an hour into this vid rn, this guy doesn't seem to care. He's not gonna let go of those gems. I don't think he'll change. It'd be difficult to let go of habits after this many years.
Only because he’s old. He’s honestly just as dumb as many of the other hopeless guests. I do hope he manages to make his situation better but he’s a great reminder that we don’t have eternity to get our shit in order… start making smart choices today.
Hi stranger! I'm so proud of you!!!!!!!!!!!!!!!!!!!!!!!!!!! I only have mortgage myself. $69K left. I hope to be done within 6 years (paying a tiny bit extra monthly). LFG!!!!!!!
Im really greatful for Ted coming on this show. It helps older people relate to him who think this wont happen. This is the reality of what will happen if you dont change your ways early on. Goodluck to you Ted you have helped thousands
My dad is exactly like him. I remember when I was a kid. He was so proud of all his credit cards. We live in Vegas and he was a dealer at the time, and he literally got his credit cards and spread them across his bed as if they were a deck of cards. Even as a kid I knew that was not OK and I’ve always remembered that until this day I only have three credit cards. I pay them all off every single month and I do not carry a balance. I’m completely out of debt, have no debt. My house is paid off and I’m getting ready to build a house and cash flow it. But that has always stuck in the back of my mind of him doing that and how stupid I knew he was a man remind me of my father so much.
I used to have a friend like this. It seemed like he enjoyed being reprimanded and admitting to being wrong, but he refused to learn. I think he wanted somebody else to run his life for him. It was too frustrating to hear about his problems.
I work in a retail store that has a credit card. I never offer it to old people even when I'm supposed to. It's so sad to watch these people screw over their children and their children's children.
I think more shows should have older people on because it's an absolute crisis. You're out of time and who the hell wants to work forever. He's got emergency lights flashing.
Man, I know it’s from bad decisions but man this is one person I feel slightly bad for. He’s such a nice guy you can tell he has a good heart, ahhh man. Wish him the best
Mad respect for the man for coming on the show. He knew he is an example of how bad it can be. Thank you sir for taking your licks and letting thousands of people reflect on your hardship. You are a gentleman and a scholar.
100% reminds me of my parents. Filed bankruptcy 3x and they just finished the last 7 yrs, credit cleared... and immediately bought 2 new cars. They'll never learn.
I hide money from myself. With auto deposits and points on CC I can turn into cash for emergencys or emergency travel. 5k in PayPal Savings@4.3% a yr going up by 1k per month. 30kin Acorns invested in Large Cap Mutual funds. Acorns gets round ups to nearest dollar on everything I spend. 75k in Cash Value Insurance @ 6-12% a yr. Paying down Business and personal Credit Cards @ 2k per month. No Car pmt. Just a Mortgage @ 2.4% fixed 215k. 1350@mo. PiTI.
Dang bro, that’s crazy. I hope you never lend them money. Break the chain so you can leave your kids a legacy. Sorry they won’t be able to give you one.
Being 26 and still an undergrad taking money from your 62 year old parent who is also in $200k+ student loan debt is the most American thing I’ve ever heard
Has nothing to do with America and everything to do with simply making stupid life decisions every step of the way and not having someone else be responsible for your stupidity
@@OveranalyzingEverything lol exactly, if anything that's the only "debt" he's actively addressing (no I'm not saying he is in debt to his daughter but as a father he's obligated to support her at any age... 27 and I undergrad still.... Idk lol... But still)
@@greggdpaLol he got super pressed when he was questing his daughter getting a BA at 27. That is very odd. What the heck was she doing from 18 to 25? Laying around on the couch?
Ted, thank you for having the courage to be on this show. You are right that people need to see someone in your situation at your age. I do hope that you are able to get back on track after the audit.
At 62 this guy has no chance. "Ill fix it later." Bro. It IS later. This makes me very sad. He seems like a nice enough guy, but how is he ever going to retire??? I really hope he takes Caleb's advice and makes some serious changes. I hope his wife is on board too, and not working against their stability.
My FIL just had a stroke at 200# over weight and mid 70's. He seemed so confused that anything could happen. It's like we hit an age where people think life is good, nothing will change, live it up.
I'm a boomer like this guy. Back in 1998, I had several credit cards and owed about 20,000 in debt. a check to the mortgage company bounced and the mortgage company kept returning my checks after two more months, because they wanted a payment in full with penalties added. they sent a sheriff to my house with a foreclosure notice and a scheduled date for the auction one morning. I didn't file bankruptcy but I just didn't pay anything and put every penny I had including some money borrowed from family to stop foreclosure. it is surprising how fast the credit cards go away once you just don't pay them. the phones were shut off it took several months to catch up on utilities, the leased vehicle was voluntarily repossessed and my debt went to collectors who either sent me irs 1099s or agreed to settlements 3 to 4 years later. I survived and lived without credit cards since.
Going through everything, this guest looked about like all the other guests, but when we got to the student loans... my jaw dropped. SO MUCH IN INTEREST. My god. I'll never feel bad about my past poor choices ever again. And I'll never let myself fall down all the many holes this guy has. Dear lord. 😢
It really is grotesque. I’m a financial planner for Fidelity, and when people come in to me at 60 years old with $350k in retirement savings and they say “I’ll never be able to retire”. My first question is always “Why do you think that?”. The second question is “how much do you need to spend each month in retirement?”. If you can live off of $3000 a month, versus you need $6k a month. This is the most important question.
@@susanlippy1009 Oh, I didn't know you had a choice to opt out. I know in California, Colorado, and New Mexico, there is no option to opt out. I don't know about other states though.
@@Fishouta as a school employee ( custodial) in Ohio I could have opted out but I certainly am not dumb enough to leave money on the table like that. It's set up so you have to actively opt out, passive option you are in. We also have the option to contribute to a 403b plan if we chose which I wish I had but did not. State jobs offer great benefits but the pay is average at best. It's a trade off. With his financial knowledge being so iffy he might very well have opted out to keep spending. Sad really. I have been thankful for enforced savings as my low income makes it tempting to reach for any funds when snot happens. Being a short term thinker means you must thwart yourself🤣🤣🤣
@@Amanda-qt6lc yea, but at the same time she is 27 pursuing an undergrad, and look at her dads situation. and this guy came on the show for constructive criticism. like im half this guys age and my 401k alone is bigger than his entire networth. Maybe his defensive attitude is part of the problem.
My 83 year old parents are the end result of what stupid spending does. They have zero assets, have $ 15K in online shopping bills and now must go to a sh**&% Medicaid nursing home due to their health. Trust me, you don't want to go that route. Those state Medicaid nursing homes are the worst of the worst. If you become widowed the State may assign a roommate. You have no choice in the matter. One option for Ted and his wife, sell everything and move to Mexico where they can live reasonably comfortably on their SS for half the money. Young people- take it seriously, it will happen to you and a hell of a lot sooner than you think. You can play in your 20s but by your 30s- you must have a plan.
I am sorry that you have to watch your parents suffer for their earlier decisions. Spending addiction damages families just as bad as any other addiction. I often think it is worse because it is often not recognized.
Mexico does not want white American transplants either lol. The Mexican government is fed up and starting to force Americans to return to the States because their income is driving up the prices in places like CDMX. And while it is very cheap to live comfortably in most areas of Mexico, the healthcare is below American standard so good luck if you have very serious illness or health scare and need to be seen immediately. I pray for these older people who are struggling financially.
The mexican goverment will start to deport and fine any US citizen overstaying their visas as for October 2024 :C due to the damages of how many expats are doing to the culture or the local population.But I guess this just shows how bad so many people have it to go that route.
@@ichigo2012hollowmaskyeah it’s hilarious that Americans are shamed for racism for wanting to deport people here illegally, while Mexico is beginning to deport Americans who are there illegally and that’s just fine. And it’s not out of racism, it’s out of “oh this isn’t good for the actual citizens of the country, we should do something about it”. This being said, there’s other places to go, potentially, to leverage a lower CoL. Like Guatemala to the south. I know my friend’s dad and brother relocated there and things are going well for them.
The taxpayers don't owe anyone a nice or decent retirement home. Adults earn their outcome. This is why are taxes are suffocating. The government encourages sloth and irresponsibility. The government should reduce our taxes by ending the largess at someone else's expense.
I’m really grateful for this guy coming on. It really shows that you’ll never change or grow or reach your full potential if you’re always putting things off. Tomorrow never arrives
He seemed to realize he's setting a bad example for her when Caleb inferred she's bad with money too. Why is she still in school at 26, why do you give her $100 a month?
@@mwehpakonne In fairness, I dont have a kid but I would too. But all it really is, is realising that youve projected your own insecurities on your child. It's a learned behaviour
Yeah I really don't like all the yelling. At times it can be passible (situationally based) but the rest of the time it's too much. The direct aggressiveness of it causes his guests to go on the defense and their minds shut down, the opposite of his goal. Caleb, we're here for your personality, willingness to help, passion, and the guest's stories. Definitely not for the yelling. I've actually chosen to not watch the show if my neuro divergent brain isn't in the place to handle a large amount of aggresiveness which I'm sad about.😢
Somehow, even after a long conversation in this episode, we uncovered EVEN MORE wild stuff about his past in today's Post Show: th-cam.com/channels/Le_q9axMaeTbjN0hy1Z9xA.htmljoin
Hey Caleb! Is it possible to pay for just the food budget you talk about? I'm trying to take control of my spending and don't currently have the budget to buy the full course.
I did try emailing the support email a week ago but there's been no response.
Thank you 😊
Will work any job
Caleb, You can't call an IRA distribution's taxes "Capital Gains." It isn't "just the growth," but rather the entire distribution at ordinary income rates. Refers to your comments around 1:10:00.
Hey caleb, first off i love your show! 2nd, i have applied to be on your show a while ago because i need a finance daddy who will give me a stern talking to (jk lol). Im 23 and I decided to watch your show today becuade ive been debating on getting a roth ira and my entire family is telling me not to. This episode spoke to me specifically and i'm reaching out today to ask you to give me one more consideration to be on you show. I am in debt to the irs right now and ive never learned how to budget so i believe WITH YOUR HELP i could be one of your biggest sucess stories. Thank you for your time and consideration.
Hey I am your fan from Bulgaria❤❤❤❤
So many younger guests said “I’ll figure that out later”. This is later.
Yup this is why I don't have a debit card
Omg, once you hit 40 you are 50 in no time flat! I am 66 and like WOW!
@@jordanfgfox7237lol what? Those two aren’t mutually exclusive lol
And sometimes later is too late.
@@jordanfgfox7237 this is why I don't have a credit card. Do you use cash only?
I love the idea of a Hammer credit card, and when you apply it just pops up with "You are not a credit card person" and no one ever actually gets one lol
No one who could get a hammer card ever would get one lol
Or whenever you try to use it, it's declined.
Or Caleb just takes your debit card and writes "CREDIT" in Sharpie 😂
@noahbarnhartandit2365 and it has a gold star kindergarten style 😂
@@JaySmith-pv2mwand plays Caleb's voice squeaking 'you are buying what?''
These older guests are ones we the viewers appreciate and learn the most from. They are living proof of exactly what can happen if you are reckless and uneducated when it comes to finances. I feel terrible for his situation but respect his bravery for sharing his struggles for our benefit.
Well said!
Agree. I think it would also be good to maybe have an older person who DID it right and kind of have them explain how they did it.
Definitely, especially since he came from a time where a house was worth like 2 dollars 😂
Also respect how he just owns dumb decisions and doesn’t make excuses. Still not a great situation, but taking responsibility on this show is so rare.
Most older people do not want to go on there to be yelled at by someone half their age and on camera. I imagine that is why it is harder to come by older guests like this.
I don’t think people on here realize that this guy’s situation is way more common than you think. SO MANY people are in this same exact situation. I work with people in their late 60’s, early 70’s that will be working until they die. Zero retirement whatsoever.
my parents and my grandparents and all of my aunts and uncles. one set theyre said they prefer experiences so they dont pay off shit just go out. i do not take financial advice from anyone in my family. i work and a bitch at everyone who owes me money.
Mygod
Very sad and shame on them
@@Kris-wo4pjquick tip dont lend out money especially to family if you'd like to remain on good terms.
My step grandparents are like this guy. They go one 2+ cruises a year even and put it on credit cards because they simply can't afford it on their current salary. My step grandfather just retired and they have over 40 grand in debt PLUS a Mortgage...
This one actually broke my heart. THIS is the future Caleb is constantly telling his younger guests they will have if they don't get their sh*t together! Thank you for being a guest on this show Ted. You've probably helped wake a lot of people up to their financial reality. Wishing you all the best luck in the future.
I saw some people in the comments mention the yelling for this guest. But it’s 100% justified because everyone can agree the situation this old man is, is VERY SCARY.
Like you mentioned, this is what Caleb had been pushing with the young guests he had on the show. To NOT be in this situation. To NOT be dying on a walmart floor because you neglected your future self.
Ted has since long needed to have someone scold at him and tell him what he SHOULD NOT BE DOING. Even his wife is on the same page as him. He’s already at the cliff and change is non-negotiable here. He MUST switch things over before it’s too far late.
How did it break your heart? This guy lived his life recklessly for 60 years, borrowed money he never intended to pay back. It's childish and pathetic imo
He's literally himself -$20000 in net worth, if not more
This helps for sure!!!!
@@Coolbeanzies124 Living like an ostrich is never a good thing.
Caleb, I would like to offer you a tip I learned when I trained to be a teacher - if you are asking a question and the person doesn't understand the question, repeating it will only lead to frustration for you, them, and in your case, the listeners. I have noticed that you ask many guests "what credit are you trying to take advantage of?" That a great question, but not a single guest has understood what that means due to their lack of financial literacy. You may get much better results if you say something like "Credit scores are mostly necessary for people applying for new credit. What new forms of credit are you planning to apply for?"
Just as I was reading this comment, the question you’re referring to played. Thank you for writing this 😊
Great comment!!
This! I somehow automatically dislike people like this as they don't understand that repeating the same question or answer makes the other party understand them.
This!!!
Agreed!! It’s a weird way to ask that question which is why so many people don’t understand lol
Finally someone over 25, we need more mid to late aged people!!
Get em to apply!
I debate sometimes for me to come on (35F) because I could always learn something new--but the tough love approach doesn't work for me. I also feel like I am not as bad as others (BS2 per Ramsey method) because my husband and I are finally on the same page. Since March, we paid off 3 cards and another will be paid off in May and the cards are cut up.
@@CalebHammergonna make my older sister to apply, she needs help
Most people just don't talk about finances in public.
@@CalebHammer My fiance and I are 35 and we applied a few months ago with no response :(
Many claps for somebody approaching retirement deciding to come on the show. This is such an important perspective.
This is by far the scariest and most impactful guest you've had on. This just shows you will not 'figure it out' later because later comes and nothing will change if your behaviour doesn't change.
When I see people gripe about “just cut back on Starbucks” advice and how it’s not the “real problem”, this is the counter. Imagine if young people who are struggling right now took $2k a year in “daily routine” and put it into a Roth IRA? From like 25-40, and let it sit there after. Adjust the $2k for inflation and get 6% return after. At 65, that’s $200k. And you probably stopped contributing to that Roth IRA because now you make too much to qualify, and you have a 401(k) with company match. So the next egg is probably a lot bigger.
Then again, I do wonder how people like me would get on if there weren’t people dumping their hard earned money into consumer goods. The ROIs might not look as hot.
And this guy is clueless. He will never change. Is he really as dumb as he seems?
At some point you realize that "growing up" and "getting older" doesn't automatically change things. You have to actively grow up and change things yourself because otherwise you'll end up being a 65-year old teenager.
1000th like
Wait until we learn that most people are hardwired to end up like this.
The worst part about when he says "are we all supposed to bring our lunches in a bag?" is realizing that for 62 years this man didn't realize he could bring a pb&j for lunch and just have extra money to invest or save.
Or just skip it. He chunky. 1 meal a day brah
He realised he could, he just didn't see himself as one of those people. "Are we all supposed to bring our lunches in a bag?". The implication being that it's fine for some people, but he thinks he's somehow above that sort of thing.
Pound of turkey and cheese and a loaf of bread and that's like a week's worth of lunch at work for $20
@@coath514it's $50 where I live but it still saves money!
@@coath514maybe add an apple, a banana or some yogurt but yeah a selfmade lunch definitely is cheaper and still delicious
Ted I’m actually more impressed that you’re open to come on the show in the first place. It’s never too late as long as you’re still breathing.
I do give the guy credit for going on the show. Most people would never put themselves out there.
Might be too late tho
@@piratexxxkingit’s too late to have any sense of pride for sure 😅
It can definitely be too late. Unless he gets another job and work every second he’s awake.
That old man is a complete idiot
He is like a young guy that just happened to get old physically but did not learn from his mistakes like most people do, it’s very sad because I have family like this.
we all do..sigh.
@@lindaostrom570 OMG, 😮I was just about to type those exact same words!!!!!
This will go down as the most IMPORTANT episode of Financial Audit!
Every person on the show needs to watch this. Kicking the can down the road and bankruptcy are not the answer.
100% agree. This guy put himself in an unrecoverable situation, which is absolutely terrifying. His example should serve as a dire warning to people who still have time to turn things around.
Yep yep yep yep yep
Wow already been through bankruptcy… how the hell does someone then allowed to accrue so many credit cards! You would think the banks/institutions should refuse the applications?
@@LeeJahn-ih9xuyou’d imagine:/ they’re likely taking advantage of his age, knowing it might fall on his kin
@@LeeJahn-ih9xu its all store credit cards. Everyone with a pulse qualifies for those.
I am 47 years old. I am paying my parent's mortgage. They have zero in savings. It sucks. It really really sucks. Listening to this made my stomach hurt. Credit card debt. Living for today with no regard for the future. I do not understand that generation.They inherited wealth but, spent it all. I am mad and sad. I can not abandon them. It would make me live with crippling guilt, so I choose resentment I guess. His attitude makes me angry. "Am I suppose to just carry my lunch with me every where I go?" Yes. Yes you are. The ant and the grasshopper. I read it and got the message. He should too.
I also pay my 69 year old mom’s expenses… after they build up and she text me for help. I also had resentment but had to let go of it and set boundaries. Not saying I will no longer help her but she needs to communicate with me. She feels like she doesn’t have to answer to me because I am the child. My brothers and I have offered for her to live with us. Hell, even suggested she could live at each location 3-4 months, be the traveling grandma, and does not have to pay us a penny. She could also sell the family property, split the proceeds with her brothers and have money in savings and do what she wants with her incoming money. She won’t do it. Her choice. But I know one thing. She better not ever hit me with another $1400 electricity bill. I have to get aggressive so I can retire in 11 years at 57. Not playing games with her anymore 😂.
@@tammicole4841 I feel you! I hear you! I am so glad to know it's not just my family. Take good care. Blessing to you.
Augh I feel you. I love my parents which is why I help them now because they really are great parents. It just angers me that they never thought about investments during their working years. They both shopped a lot and still continue to do so. What's frustrating is that they think they're saving money because it's on "sale." So frustrating to say the least. Ppl really shouldn't rely on their kids to take care of them financially in their old age esp. in these trying times and vice versa.
Look even deeper. You talking about the boomers. Like the millennials they don't even realize our generation (I'm 51. GenX like you are) even exists.... it's only about them and IMO top narcisim.
Please listen to the Dr John Delony Show. This isn't your problem and as long as you enable them they will not take care of themselves. Choose guilt over resentment, bc you will resent them for the rest of your life, not theirs.
"I run a non-profit," "your entire life needs profit"...how does Caleb keep a straight face.
I laughed so hard at this!!!
Lmfao ^me too
Because he means it😂
I would love to see an update with Ted. One of the best guests ever and really rooting for him!
This guy is so clueless & is always waiting for someone else to INSIST on telling how to do his life -- How did he reach this age so passive??
Yes
@@kaythegardenerindeed
the guy : "..the guy who is not the norm, had to go off to art school and all that kinda stuff"
Caleb: "I went to art school"
the guy: "well s**t"
💀🤣
Yeah. For a bit he seemed to want to blame his situation on doing things differently. It's fine to do things differently, but you still have responsibilities. Taking vacations on credit cards after filing for bankruptcy because of your debts isn't "not the norm", it's irresponsible.
This had to be one of the most golden moments on caleb's show 🤣
I laughed so hard
To be fair, would you know about retirement accounts and index funds etc without the internet?
If I didn’t have that one coworker who walked over to my cube when I was doing new hire paperwork and told me to at least get the company match in the 401k, I would be screwed and have to play catch up even more than I am now (6% + 4% match = 10%, 10% isn’t enough so now I have to make up for a decade of doing 10% when I should have been doing 20%).
He's name is ted
He's not 62, he's a teenager with 50 years experience 😢
Right on the button
Yes! Im 40 and the only irrational financial decisions i make… dog toys & treats
Ouch
Experience’’’s’’’
Sadly yes…good dude that never figured out finances.
62 years of age making almost nothing with retirement not being in sight. This is my biggest nightmare.
And why is he smiling? I would be in tears! I’m only a few minutes I , is his Vegas T-shirt a hunt?
And playing mobile games.
Same
Motivation to save now
Yeah this is my actual nightmare
I’m so glad Caleb mentioned that his daughter is going to have to take care of him. I am stuck in this situation. My dad was a gambler, making 45k a year & ended up over 100k in debt due to a gambling issue. I would have loved to go to college but unfortunately I had to fix my parents mistakes. It really sucks. I was able to get my associates degree, and I would love to go for my bachelor’s but it’s so hard when your parents are so lenient on you: If you are a parent, get it together for your child.
His brother was the ant who buckled down and invested for tomorrow and this guy was the grasshopper who only lived for today.
My husband and his brother are just like this. His brother owns nothing! His spends it as soon as he gets it. He's even told us that he believes in living for today.
@@tishbowman2990knew someone who divorced her husband for being like this. She died and he's still living...
@@jojo683same way the drunk drivers always get off with scratches and the people they hit always end up mangled and dead.
I often think of this parable...I'm a grasshopper.
@@persuethedream9862 Well I lived my life preparing for "someday" if I don't live to be old it's all for nothing. Longer I live, figured out all of it causes stress and takes year's off. Herse drives by every other day. Seen a long line of cars following many. Never have I seen a U-haul attached.
This one hit a little close to home having parents that are hitting 65. No retirement, no health insurance, in heavy debt, still buying non-essentials everyday just to feel something. I can't have a single conversation with my ma about finances without her breaking down. I feel so deeply for this man, and I have so much respect for him going through this, it amazes me he holds it together so much and has enough humility to come on this show.
I respect him for coming on, sure, but he has shown he really doesn't care. He just went through a bankruptcy six years ago and he's back to this point and when pressed about what he's doing he simply says "I don't know"? He "holds it together" because he doesn't give a crap, and that's more than evident. This guy's NEVER going to be out of debt and will probably never be able to retire. He's the poster child on how NOT to live financially.
You hit the nail on the head. “Just to feel something”. Most people in poverty will spend like this in large part because they have deeeeeply learned the lesson “Why save for tomorrow when nothing good comes from it now AND something always messes it up anyways”.
Learned helplessness is so sad.
Exactly my parents are around the same age and don't have nearly enough to retire but have a house and my dad has a retirement paycheck coming in.
It is sad. My parents don’t have a debt problem thank God but they have nothing for retirement other than an investment apartment in our home country making 300 a month. They said worst comes to worst they’ll just move back and live in the apartment or rent there.
@@Bruceman17Yeah my parents may be able to get a state pension but it’s not enough.
I want more like this where you tell someone the truth but you are not losing it. Also would love more adults 40+.
This is a point where losing it needs to be made. This is ridiculous. Beyond ridiculous. I'm 56, and I would be doing this as a mom to my kids. And this guy still owes student loans!! (perfect example of him not needing a college education if he didn't really use it)
I'm married and in my 40s and have considered going on lol
He's not losing it BECAUSE it's an adult 40+ 💀💀💀 let's be real, even if it's a character, hes going to feel a little funkier about ripping a whole ass adult 30 years his senior a new ass over some 20 y/o, anyone would!!
Problem is finding 40+ year olds willing to go on the show lol
@@timberthus2562i would, to be an example (minus leasing 2 BMWs and expensive travels every year in my 30s - europe every year for 4-6 weeks each time 😳). Over a million net worth as a single female:)
This man's future is death by a thousand credit cards, mine was death by line of credit. I woke up and realized our debt load was crippling us. We sold our fancy house and cut our mortgage in half. It has taken us 15 years to dig ourselves out of the deep hole....with university fees and weddings to take care of as well, on our journey. We will be mortgage and debt free in just over 2 years . The burden of debt was giving us too many sleepless nights. I am now a budget fiend, watching every dollar closely and making them count. It is amazing how much money one can save if you exercise a little discipline when it comes to discretionary spending.
It’s all about mindset.
"Are we all just supposed to bring our lunches in a bag?"
I was raised with the complete opposite mindset. You always bring your own food to school, work, day off, road trip, etc. If you left the house you brought food. I was told that you cant expect others to feed you and if you forgot lunch you didnt eat until tou got back home. The first time i saw someone order food to be delivered for lunch my mind was blown.
I brought my own food even when i worked at a restaurant, its so easy to be unhealthy and broke if you're 'getting high on your own supply' as it were
@@User-90762 I haven't worked in a restaurant in ages. But every place I worked had a staff meal before or after service.
I agree mostly. I bring leftovers, sandwiches, whatever. I MIGHT treat myself out to lunch once or twice a month, but it is never more than about $8 or $9.
Indeed we bring lunches in bags. I am the financial controller of a Co.panynwith $14M annual sales - and I being lunch most days.
I work in a restaurant and business is SLOW. It amazes me how many of my co-workers will spend their tips on an overpriced meal, not finish it and be happy with it situation. I had a manager say I must be rich bc I always bring my own food (cheap ass food btw). I over here like no, I'm just broke and will not spend the money I came to work to make on food at my work. It just doesn't make sense. And that 50% discount makes no difference!
This is the 'dying-on-the-Walmart-floor' scenario that Caleb is always talking about.
Lmao that’s what came to mind 😂
💯
he's literally even in retail, possibly actually Walmart.
Notice he said “dying under a bridge” instead of on the Walmart floor? You’re right, he probably IS there already!
I saw a woman like that. 75+ pushing the cart of blue bins at WM to take food to cars outside.
Likely took SSA at 62, COLA did not keep up with inflation. Now needs to work.
This was 4 months ago.
This is why the "listen to your elders" is not always a good idea. My parents are TERRIBLE at finance but my grandparents are great. My grandparents gave my mother the same advice and info as myself but she obviously did not listen/follow and I did. Im 34 my mother is 62 and I have 3x her retirement already.
Even if your elders were good financially, the rules of the game changes. The advice I was given in my teens don't work the same in my 30's.
@@kylem2010GT I disagree. Solid financial advise doesn't change. Spend less than you earn and save the rest. It can get more technical but in general if you follow that rule your whole life you will be set.
@@kylem2010GT Maybe you were given bad advice in your teens.
People tend to treat their grandchildren quite differently than they did their children.
@@EarlsPearls
FACTS!
I’m 61 and fully retired from corporate America. I spent 36 years in the tech industry. I paid off the mortgage on my home while I was still working full-time. my car is paid in full. I have no credit card debt at all. It’s important to note that I’ve lived below. My means my entire life not just now. My current monthly expenses add up to less than $300 per month (that doesn’t include my property taxes which are relatively low at $1100 per year and my car insurance which is $840 every six months because I have a luxury vehicle). very grateful that I received financial literacy from my grandfather when I was very young. He always told us spend way less than you make. And all the years that I worked in the tech industry. I never even spent half of my paycheck. I also had four streams of income coming in during my 36 years in the tech industry because I was in sales, so I got my salary monthly, my quarterly bonus on my sales, a quarterly bonus on my teams sales and a bonus for the year for hitting NNR goals. Life is great now. No stress & left each day with gratitude.
I used to work for a lawyer who did bankruptcies for clients: very eye opening on what NOT to do. You can’t file bankruptcy any time you want to, you generally have to wait a few years from the last one. Some clients were frequent flyers
I think you have to wait 7 years past the last one and you can only have 3 if it's chapter 7.
My heart ached when he asked, “Is it too late?” After 6 months of planning, goal reiteration, and following financial content. I finally paid off all of my consumer debt last week in fear of those words he just uttered. Falling into the Caleb Hammer/Ramit Sethi rabbit hole is one of the best things that has happened to me. Rooting for you!
Ramit is good cop and Caleb is bad cop.
It helps to hear a gentle approach but I love how Caleb doesn’t let them get away with BS and makes them look in the mirror. Ramit is good at getting the couple to work together and listen to each other, but in order to do that, he almost has to say oh gosh, this is a problem that is no one in particular’s fault. Let’s fix it together.
Congrats on paying off your debt
Yes! The Caleb/Ramit combo has honestly shaped my financial future to be so much brighter than it was on track to be
I am BAFFLED at how shocked people are that they shouldn't eat out every day. "Are you saying people just walk around with lunches they bring from home?" YES. Good grief. I make significantly more money than this man and I have no credit card debt but I bring a lunch from home every day. Because that's how we stop ourselves from spending more than we earn and getting into crippling debt.
I simply can't bring myself to. I make three times better food for 1/3rd the price
SAME…I actually ordered GrubHub for dinner today but that’s one meal out of 21 this week. 😂 Earlier this week I had a craving for my favorite breakfast special from my local deli but instead of dropping $17 I bought the ingredients and made it myself. For the same price I can make 5 breakfast specials at home. I’m only a little younger than this guy but I’m betting we both learned this math in school…just saying…
This guy is my generation. WE ALL knew about taking a pb&j sandwich for lunch. He's just being irresponsible and seems happy about it.
Exactly! I pack a lunch every day for work. And on weekends I pay meals and snacks for me and my kids while we are out doing activities to ensure we don’t stop for fast food. It’s not hard to do! The food is MUCH healthier and you don’t have to wait in lines.
Right? My husband takes leftovers nearly every day for his lunch . Or he makes a sandwich . He hardly ever buys a lunch.
Episodes like this should be mandatory watching for every guest under 30 on your show
💯💯💯
This is the new onboarding video
Under 40 😢
Not just 30. I am 42 and this scares me. I had $4000 in savings and was starting to really build up my savings and then life happened. I regret every purchase I have made but I am going to buckle down and really start paying off my cc and start saving again
The answer to so many of these questions is simply that these people don’t understand that not paying off a credit card in full every month will generate interest.
I almost get hives if I don't pay off a credit card balance every month. Makes me antsy
It's valuable to see Caleb's treating a 62 year old man the exact same as all the other guests and gives credibility to his passion for what the goals are for the show and his passion.. It is a reflection of maturity in consistency, even if the approach is keenly tailored to his persona (but not a fake persona like other financial support media).
I was thinking the same thing. Makes it so much more solid.
Caleb trying to be respectful to the elderly while raging with all the debt is top tier 😂
😂😂😂 Caleb is trying so hard.
He does a good job with that- proud of Mr. Hammer.
Bro said going to bankruptcy again at 62 is “not ideal”
Definitely need more guests like this though
He's not wrong...
Eye opening
He can't do BK for at least 7 yrs from the last one. And the judge is going to be waaay less chill about it the second time around.
As far as his student loans (depending if it was gov or private): "By law, Social Security can take retirement and disability benefits to repay student loans in default. Social Security can take up to 15% of a person's benefits. However, the benefits cannot be reduced below $750 a month or $9,000 a year. Supplemental Security Income (SSI) cannot be offset to repay these debts."
Honestly it's better that he doesn't get too many guests like this. Not because I don't want to see them or that they shouldn't be helped, but just because the fact these guests are harder to find is a good thing.
47:29 honestly, thought that lean back was him starting to have a stroke. $906 a month in interest made me spit my drink out. I want to see an update from this guy.
He replaced one addiction with another. That's honestly what happened here. And the wife took full advantage of the situation. They enable each other to spend irresponsibly.
Yep, some relationships can be like that.
Yep. Even if he “gets it,” it won’t work if she doesn’t come on board, and there’s no reason to think she will.
I was married for 23 years to someone like that. She wouldn’t stop spending. After eight years, we separated our finances. When I left, she had $50k in credit card debt, despite working full time and having a professional degree.
Mygod. But yes
Should never be approved for so many cards right after bankruptcy. The CC industry is predatory.
Seriously 😮
I agree CC companies are nothing but predatory but lending humans money with interest is the one of the easiest ways to get rich in America.
You can always bet on the human condition and the low quality of financial education in the country.
Consider why scammers target Americans way more than any other demographic
Duh
True, but doesn't take away his responsibility to pay back what he "borrowed" by using them.
Lol they don’t care, because once you default, they sell your debt to some other sucker.
It’s really nice to see an episode with less screaming. Caleb is acting as he always does but this guest is showing a genuine desire to be better keeping Caleb from blowing his top. I wish this guy the best and I hope we can get an update one day to see his progress
That would be odd for Caleb to yell and scream at a man that is old enough to be his grandfather.
This is what a lot of commenters don't get, Caleb isn't a douchebag right off the bat unless a guest lies, bullshits, or is disrespectful and delusional.
Well the ship has sailed. This is more of a salvage operation, there is no clear path to winning so no need for all the drama.
I don't think his desire is that real. He spends most of the time saying "yeah" and that he made mistakes, just BS chat.
This guy is the “after” version of all of your other guests. This is them 40 years from now.
Taquito guy 60 still looking for his dream job
This guest has an addictive personality- alcohol, cigarettes, gambling, credit cards. He gets a high off it all. So he quit 2 addictions, and replaced them. He needs Caleb. But he also needs a therapist to heal. ❤ Otherwise he will be 70 yrs old and living in his car, his wife also.
Real impulse control problem
Amen!
Yeah I immediately said ‘addictive personality’ when he couldn’t figure out why he opened so many cards. It can be kicked as he’s done before but it’s about not picking up a new addiction after
Maybe he could get addicted to paying off his debts
I thought the same; he replaces one addiction with another. He is also happy in his financial ignorance - doesn't really want to know because it would require making hard changes in his behavior.
Probably one of my favorite videos to date. This is the a real representation of every 20 something year old you have tried to help but they can't conceptualize being 60 years old with the "it wil solve itself mentality". Hearts out to our elders like this man we need more of this honesty and openness from our elders. Much respect!!
This is the future of 95% of the young people who come on this show, but they won’t even have SS to fall back on
They may not have social security, but I’m sure they’ll be supported by taxpayers.
This will be the future IF the do not start taking action
But as we can see from this show, 95% of people are in bad financial situations because they were stupid with their money. Which means young people can change it if they’re educated and smart.
The SS issue is super easy to fix, they've done it before. It will continue one way or another. Either reduced or consistent but paying higher taxes.
So true.
I know this is an older video but a little good news for you. I'm on track to have my car and a loan for my AC paid off by in the next 9 months. Right now I'm putting 8% toward retirement and my company matches 5%. Once the car and AC are paid off I'm going to increase that.
At 62 I feel like there really isn't much you can do anymore, but I'm hoping Caleb can find a way to help this man.
It’s so sad :(
Get debts down and get your expenses are low as possible. At least SS is gauranteed income AND his wife gets SS as well. That's a tatleast $1800/Month of untaxed guanreeteed income
My grandma just turned 80 and is now being taken care of by my 60 year old mom. This just now caused my mom to realize that retirement is important.
@@andrewhardwick4480only about 4 decades late.
He said he worked for the state, isn't there a pension?
Damn at least he's introspective about the situation and aint blaming nothing else but himself. I'm rooting for you Ted!
Ted, I hope you read this. As someone who was on the show.. please dont think its stupid to cry about it. I know the feeling of having it all laid out and realizing how much you have messed up. Especially having a child. You can do this! It wont be easy, trust me! Old habits are hard to break. The fact that you are upset about it shows how much you care. You have a beautiful heart and soul. Keep that shine and you'll make it out just fine. ❤ I completely believe in you.
are you debt free now
Ted that is awesome that you weren't afraid to come on the show and get financial advice. This show brings in all walks of life: old, young, short, tall, misunderstood, confused, smart. Caleb, you always provide easy to understand tutorials for finances for your guests. I'm really impressed.
The most tragic part of this show is watching that huge fiddle leaf fig dying slowly in the background..
It's gotten a lot better actually lol. It used to have a lot of brown.
Could it be switching out its leaves? They better check it's micronutrients by sending a sample to a lab.
@OccasionalHaHa It's not that serious lol.
Preach
This thread is amazing 😂 I love the Internet.
My mother declared bankruptcy twice. Both times she had over 100k in consumer debt. Then…she ended up being sent to collections by the bankruptcy lawyer. Then, she refinanced her house to pay off the next round of debt. The money was not enough to pay the bills so she used it to go on a big vacation and just kept making monthly payments. She had a car that she was tired of paying the note so they devised a plan for insurance fraud and it worked. She has student loans from 1995 that are up to 120k now.I was out of the country for 10 years. They lived in my house while I paid the mortgage. They rented out their home. I wanted my mother and father to use those years to save some money. They didn’t. My son helped them to do paperwork to get some VA benefits so now They are almost 80 years old. They finally paid off the house. They have 20k in savings and my mother spends it the rest on crap from Home Shopping Club. I told her it was junk. She told me to leave her house and never spoke to me again. She never wants anyone to mention she may have a spending problem. Spending addiction is real. It has no upper age limit.
Your parents sound incredibly entitled. Their actions have never caught up to them. I'm sorry to hear about her attitude and behavior. It's incredibly sad that she would choose crap for mail order catalogs over a relationship with their own son. There is definitely something pathologic there.
That's incredibly sad especially since you helped them
Insurance fraud is a crime. It's a tad naive to think your mom would ever change.
@@deirdrekiely6187 Now I don’t think she will. Growing up in it, it is very difficult to understand as it was all I knew. I assumed every family behaved in the same way. In fact, I was always told that people who saved were considered stingy, selfish people. It is one reason I spent a lot of money on other from a very early age. I believed it was a bad character trait to hold onto money. I can see now that it was naive to think she would change. I would just call myself ignorant. I also think that spending addicts fly under the radar in America. It is not an addiction that is widely recognized and understood but it does as much damage to a family as any other addiction.
Fighting spending addiction, I get my check and I immediately want to buy garbage I don't need. Its been getting better but its all on me 💀💀
This guy has been a bum for nearly 50 years and is fine with it, but boy did he get defensive about the possibility that he raised one... the irony.
The subtle lies.
"Why are you buying books from Scholastica?" "I have a daughter in school, right?" "So you bought books for your daughter?" " Umm... yeah." And
"Why did you take $1500 out of you IRA?" "I could have been in the hospital." "Were you in the hospital?" "Umm... yeah."
He’s 62 chronically, but about 6 from a financial maturity aspect. He lives in the moment and lets the chips fall where they may. I’m planning to retire at his age and will do so with dignity.
@@aeromedical6776 *chronologically
It took me 4 years more than your plan, but here we are. And, yay dignity.
@@aeromedical6776 yea. The best laid plans.......
And somehow still blamed his family!
My father has become pretty addicted to candy crush these last few years and this episode scared me a bit. These games are rationalized away because "it's not gambling" but fake virtual gems are way worse imo. Casinos wouldn't last a day if they gave out monopoly money, but that's exactly what mobile game currency is.
“I was able to quit smoking and drinking but I can’t quit this.”
Love the honesty. It’s an easy step to say one addiction replaces another. Ask me how I know.
I used to be addicted to caffeine and nicotine, I was spending to much money on Starbucks and smokes. So now to save money and be healthier, I suck dick behind Wendy's for meth and heroin.
What is your addiction?
How do you know?
@@jonleibow3604 I gained all the weight back after she left me. 🎼Your love is my drug🎵
Alcohol for ice cream 😅
I took my Hammer Financial Score. I have no debt, no car payments, no student loans, own a home, but I'm behind on retirement savings, currently putting close to 20% in... I was a 5/10 Caleb is a savage.
Right? I’m 50, no credit card debt, student loans, or car payment. Believe I’m on track for retirement. House to be paid off by the time I’m 62. My score was 7/10.
I do honestly think the HFS should be tweaked a bit and include a category for income (5 points for average, less for below average and higher points for above average), and possibly another one for overall net worth regardless of debt or spending, and some other metrics that aren’t tracked as well as they could be. Though I know it isn’t really meant to be an exact measurement, just a sort of baseline and for entertainment purposes
Same! I have no debt, on track with retirement, a savings rate of 40%+ and very low expenses. But I don’t own a home yet. Was also a 5/10 HFS. I’ll take it after seeing all the 0s and 1s on this show 😂
Yeah I don't agree that real estate is a required component. You could be a multimillionaire but believe renting is the better deal and you'll get a lower score.
@@nodsib plus some of us retired early and so some of the questions make no sense when asking about % of salary etc. Plus some of us left the USA to have better lives and renting in a foreign country might make more sense than home ownership.
I’m 6 years older than this man. At his age I could stand and work all day, I really couldn’t do it now. He is planning to work indefinitely but the reality can be very different
Trump is 75, Biden is 80....sounds like youre using age as an excuse.
@@demontrader1222I really hope that's sarcasm... From an outsider looking into the US - those 2 people don't seem to be all there, mentally speaking.
The only reason they're still going physically is because they'll have the best doctors available and a whole team dedicated to keeping them moving and alive. Not many people get that luxury in life.
There's a reason life expectancy corresponds with wealth.
@KyleMck Humanity obeys the laws of evolution and these 2 obey those laws in ensuring US leads the world economy. Few other leaders do. Most supplicate themselves or aimlessly posture.
By any measure, the US does remarkably well.
@@demontrader1222 fuck no you're not
@@IangOvwrino-ww7om Take a look at the world. Which culture dominates...even in the way you speak, you vindicate me.
Wow. Watching this at 61. Retired at 55. Young people go in the trades make sure you start investing as early as you can. This guy will die under a bridge. I feel bad and boy did his attitude change about his daughter he might feel great now. Let’s see how he feels in 10 years
So many degrees are an absolute waste of time. Trades are a much better way to go. Many of these people years ago would never have wasted their time going to University and wouldn’t have got in anyway.
He has a masters degree and experience heading a non profit… there are MANY non profit organizations with a paid executive. He is more than qualified. He could probably also throw his resume in for volunteer management jobs which can also pay very well. He could probably double his salary overnight that way.
This is not a bad idea….but he would really need to beef up his resume and work on his career narrative (explain why he was simply a retail manager up to that point)
Probably a reason why he does what he does and I’m guessing it’s because it’s all he can manage at this point for personal reasons.
@@OShackHennessyI'd be willing to bet the gems addiction and bankruptcy is a clue that there definitely are personal reasons he may have a difficult time holding down an exec job
I wouldn't let him manage a chicken coop.
After people seeing this episode I wouldn't trust him to manage a pool party
Don't let family labels like "black sheep" or "the dumb one" affect your financial future. Your decisions shape your financial well-being. Choose wisely, educate yourself, and take control of your finances.
This was my dad... but he actually was a product of his environment. He dropped out of school in grade 4 to help look after the family farm while his brothers continued their schooling. They are all very very successful and have trades and businesses, and he was stuck in labouring and plant operating roles, and got caught in the gambling, drinking, and smoking lifestyle. Impact is multigenerational - mum and dad were renters, no change of inheritance to assist kids to get homes, poverty trauma, etc etc etc.
While there is responsibility, some people have a lot more barriers, and its fucking exhausting.
In his case… he has very definitely proven he’s the black sheep and the dumb one. His family got tired of his antics decades ago. And he’s telling his daughter all the same mistakes are okay.
@@julieross1984that sucks, would be nice if the rest of the family could recognise his giving up his options so they could flourish. Though the mindset of the one who takes on a parental role early is likely to still be sacrificial and pride affects accepting financial support.
@shaunpixel there is truth in what you say, assuming we can never fight out of labels. Especially if it more of a label than circumstances.
However there are real difficulties faced by some and not others. But also social messenging. Some decades ago my dad worked as a careers adviser and cover several high schools. Stuff like what subjects to focus on, or ways to get good experiences for resumes (or CVs as we call them) and college applications for what they want to do, or helping them to think about it if not sure. ( This was before Internet searches). Why saying this? Because 2 schools just a few miles apart but massively different in socioeconomic terms we're chalk and cheese. At one pupils had aspirations to be lawyers, doctors, to go to university. They saw potential and opportunities as available to them. The other school pupils saw the nearest big town as a world beyond them, they did not expect much, they saw fathers and grandfathers out of work most of the child's life after the mines closed and no new employers coming in. They had a form of learned hopelessness, to not expect much of the world and therefore of themselves.
Some have heavier burdens to try and set aside, ans some have cultural trampolines to launch their dreams.
That part at the beginning kinda broke my heart. How many times was he called black sheep and probably worse to the point that he internalized it, and kind of got a learned helplessness from it. I hope he can turn it around in time to enjoy at least a little retirement!
I could tell the guest was getting annoyed because at his age I’m sure no one has grilled him this hard before.
He started getting more annoyed when Caleb pressed about his daughter.
@@SaNdAl7BeAtEryeah he was laughing up until that point. And I don’t blame him for getting defensive.
@@SaNdAl7BeAtEr most definitely, that "get her on the show and ask her that, *buddy* "
I thought he was done until he got to the daughter
@@halfamanandthecolonelonly sane commenter
My parents had a couple friend like this when I was a teenager. They were probably only in their mid 40s at the time and they had already filed bankruptcy multiple times! And they both drove around in new cars and vacationed in Hawaii. It was so weird, even at that age I was so confused! The wife would come over and cry to my mom anout how broke they were, again, and then do it again in a next few years. My parents worked so hard, didn't use credit cards unless they payed them off, didnt take a real vacation until they were nearly 50. So thankful for the sanity they raised us with!
As someone whose father had a gambling addiction and died in debt at age 67, I really wish this dude the absolute best and I hope he can get things squared away.
There was a hard shift when Caleb called him out for supporting his daughter when they can't afford to live.
You can tell when he calls Caleb “buddy”
He starts acting all big and tough when he can't pay off his own loans, made me laugh a bit. The best thing you can do for your kids is be financially mature so you can afford to help them. After that he started whining about making his lunch. This is the kind of boomer people are right to complain about, an entitled loser of a man.
@@AxolotlTCG He really thought he was going to shake Caleb with that dramatic "Buddy". Caleb didn't even flinch...
@@MrJoedog55lol sheesh.. relax.
@@GradiusGhost1 He wasnt trying to shake caleb lmao. Probably just offended because its his daughter. You got that zoomer schizophrenia.
Watching while I meal prep because we don't buy lunch around these parts
I just held down the 👍 (thinking it would turn into a ❤️) 🤣
Currently eating mine
Lol. Just had my tuna on wheat with 2 pickles that I eat almost every work day. Cost for the week: maybe 8 bucks for 4-5 lunches. Lunch from home gang, rise up. 😂
😂😂😂
@@voodoomossI’ve never tried pickles on tuna but I think I need to 👀
8:31 I know a guy who had 77 credit cards but $750k in the bank and no debt. All were there to get the points. He built hotels and was also partner in a furniture store. Inventory went on a card and revenue paid it off. He took his entire family to visit his family in India for $zero out of pocket. It's called discipline and measured risk.
Duh. Credit cards aren't horrible if you're responsible but the thing is you hv to remember
Caleb, I’ve been watching your show since near the beginning. This is the first episode that really opened my eyes. Seeing the look of regret on his face made me realize that I never want to end up in this position. These are the types of shows we need more of!
I don't see regret on his face. He is completely in denial about everything. He does not want to acknowledge anything. No real reason to do anything, he can just declare bankruptcy again and we will pay for his frivolous debt. I resent people like him.
Thank you for coming on Ted, really appreciate your vulnerability and know that we're cheering you on!
People who have declared bankruptcy should not be able to sign up for credit cards.
A tree won't cut off it's water source.
100% agree but the CC companies can lobby and prevent that. We are looking at the newest generation/version of slavery: and this person is so stuck in it its so sad and scary.
Lots of people in USA declare bankruptcy due to medical bills so I don't think your idea is fair to all people in this situation. Also some bankruptcy involves paying off the balance of the old debt but without the interest so that the person can dig back out.
Eh, I think they should revamp the entire credit industry. 20%+ interest rates are criminal. I think once you miss a few payments they should then lock your credit till its paid off or something.
I blame the CC companies and banks that approve them for these cards/lines of credit when they can SEE they went through bankruptcy recently
I'm at an hour into this vid rn, this guy doesn't seem to care. He's not gonna let go of those gems. I don't think he'll change. It'd be difficult to let go of habits after this many years.
I’ve never rooted for a guest so hard off the bat than this guy
It’s refreshing to want to cheer for someone for once.
Only because he’s old. He’s honestly just as dumb as many of the other hopeless guests. I do hope he manages to make his situation better but he’s a great reminder that we don’t have eternity to get our shit in order… start making smart choices today.
He doesn’t seem like he’s willing to do much to change. He’s being a yes man but I don’t see any genuine change
But he doesn’t seem like a man of action. He should work his butt off as long as he’s healthy, pay off debt and safe for retirement.
The fact that his wife is not with him and she has her own debt does not bode well.
i feel like this is one of the few guests who actually thanks Caleb for his advice, I hope he's able to get into a better situation.
He won't do anything. Dude already went through bankruptcy and learned absolutely nothing
He’s probably one of the least likely to improve
He did go in very non combative
Me too
All credit card debt is gone, now working on our car loans all thanks to you lighting a fire under us Caleb!
WOOOO.... YOU did that!
So happy for you!
Hi stranger! I'm so proud of you!!!!!!!!!!!!!!!!!!!!!!!!!!! I only have mortgage myself. $69K left. I hope to be done within 6 years (paying a tiny bit extra monthly). LFG!!!!!!!
Same here!
KEEP GOING!!! Doesn't it feel good to KEEP the money you have earned!? GO YOU
Caleb’s aggressiveness is really out of love. Good stuff bro, bless you all family!!
Im really greatful for Ted coming on this show. It helps older people relate to him who think this wont happen. This is the reality of what will happen if you dont change your ways early on. Goodluck to you Ted you have helped thousands
Agreed. He is future of so many Americans. I really wish him best.
This is more of a cautionary tale than a financial audit. Best wishes to this man
this is Christmas Future
My dad is exactly like him. I remember when I was a kid. He was so proud of all his credit cards. We live in Vegas and he was a dealer at the time, and he literally got his credit cards and spread them across his bed as if they were a deck of cards. Even as a kid I knew that was not OK and I’ve always remembered that until this day I only have three credit cards. I pay them all off every single month and I do not carry a balance. I’m completely out of debt, have no debt. My house is paid off and I’m getting ready to build a house and cash flow it. But that has always stuck in the back of my mind of him doing that and how stupid I knew he was a man remind me of my father so much.
I used to have a friend like this. It seemed like he enjoyed being reprimanded and admitting to being wrong, but he refused to learn. I think he wanted somebody else to run his life for him. It was too frustrating to hear about his problems.
Bingo.
This feels like the # 1 best audit.
While it was an extreme situation, it was still entertaining, but still real, and with someone who is older.
This guy applies for a card evertime the cashier says "You can save 10% today if you apply for a card..." Thats where that comes from.
exactly what I was thinking
I work in a retail store that has a credit card. I never offer it to old people even when I'm supposed to. It's so sad to watch these people screw over their children and their children's children.
I always laugh and say nah I’m good and they look at me like I’m the crazy one
I honestly like him, he’s open and doesn’t defend his stupidity. I can imagine outside of these circumstances he’s hysterical to hang out with
I think more shows should have older people on because it's an absolute crisis. You're out of time and who the hell wants to work forever. He's got emergency lights flashing.
Man, I know it’s from bad decisions but man this is one person I feel slightly bad for. He’s such a nice guy you can tell he has a good heart, ahhh man. Wish him the best
Mad respect for the man for coming on the show. He knew he is an example of how bad it can be. Thank you sir for taking your licks and letting thousands of people reflect on your hardship. You are a gentleman and a scholar.
100% reminds me of my parents. Filed bankruptcy 3x and they just finished the last 7 yrs, credit cleared... and immediately bought 2 new cars. They'll never learn.
Sheesh, that’s scary.
Holy shit, it blows my mind even after watching these episodes that people live that way.
I hide money from myself. With auto deposits and points on CC I can turn into cash for emergencys or emergency travel. 5k in PayPal Savings@4.3% a yr going up by 1k per month. 30kin Acorns invested in Large Cap Mutual funds. Acorns gets round ups to nearest dollar on everything I spend. 75k in Cash Value Insurance @ 6-12% a yr. Paying down Business and personal Credit Cards @ 2k per month. No Car pmt. Just a Mortgage @ 2.4% fixed 215k. 1350@mo. PiTI.
Do they not realize that they’re doing the same thing again and again?
Dang bro, that’s crazy. I hope you never lend them money. Break the chain so you can leave your kids a legacy. Sorry they won’t be able to give you one.
Being 26 and still an undergrad taking money from your 62 year old parent who is also in $200k+ student loan debt is the most American thing I’ve ever heard
Has nothing to do with America and everything to do with simply making stupid life decisions every step of the way and not having someone else be responsible for your stupidity
Yes!!!! I can't believe he gives money to his daughter!!!!
#GenerationalDebt
@janebaker4912 out of everything here. That's the most unbelievable thing?
@@OveranalyzingEverything lol exactly, if anything that's the only "debt" he's actively addressing
(no I'm not saying he is in debt to his daughter but as a father he's obligated to support her at any age... 27 and I undergrad still.... Idk lol... But still)
This guy is so pleasant. I really hope he (and his wife) can turn this situation around. Thanks for coming on, Ted!
I loved how this man understood that he was ignorant and didn't fight back. This episode was great!
I hope he can change. Bankruptcy didn't change things. 😬
Got abit defensive at the end of video. But good on him for coming on the show to change he's financial situation.
You must’ve missed that look he was giving Caleb?
I was surprised Caleb backed off.
This was going a very bad direction for a while!
@@greggdpaLol he got super pressed when he was questing his daughter getting a BA at 27. That is very odd. What the heck was she doing from 18 to 25? Laying around on the couch?
@@LaSombraa I think she mastered in party
Ted, thank you for having the courage to be on this show. You are right that people need to see someone in your situation at your age. I do hope that you are able to get back on track after the audit.
And that is soooo problematic
@@lorenaarenas6382?
At 62 this guy has no chance. "Ill fix it later." Bro. It IS later.
This makes me very sad. He seems like a nice enough guy, but how is he ever going to retire??? I really hope he takes Caleb's advice and makes some serious changes. I hope his wife is on board too, and not working against their stability.
Later was 10 years ago. It's so doomed
My FIL just had a stroke at 200# over weight and mid 70's. He seemed so confused that anything could happen. It's like we hit an age where people think life is good, nothing will change, live it up.
He seems like a genuinely nice, lovely man. I bet he would be a bright and happy grandfather
“You’ll never get to where you’re going if you don’t start” -Caleb Hammer
I'm a boomer like this guy. Back in 1998, I had several credit cards and owed about 20,000 in debt. a check to the mortgage company bounced and the mortgage company kept returning my checks after two more months, because they wanted a payment in full with penalties added. they sent a sheriff to my house with a foreclosure notice and a scheduled date for the auction one morning. I didn't file bankruptcy but I just didn't pay anything and put every penny I had including some money borrowed from family to stop foreclosure.
it is surprising how fast the credit cards go away once you just don't pay them. the phones were shut off it took several months to catch up on utilities, the leased vehicle was voluntarily repossessed and my debt went to collectors who either sent me irs 1099s or agreed to settlements 3 to 4 years later. I survived and lived without credit cards since.
Stressful
Credit cards are only useful as a way of building credit with money you already have, not as a 'buy now pay later' card.
@@LordBillington42 Yeah pretty simple aye
Glad to hear you're doing better 🎉
Thank you for sharing.
Hey Ted!! Excited for someone his age to be on!
Wooo!
Going through everything, this guest looked about like all the other guests, but when we got to the student loans... my jaw dropped. SO MUCH IN INTEREST. My god. I'll never feel bad about my past poor choices ever again. And I'll never let myself fall down all the many holes this guy has. Dear lord. 😢
It really is grotesque. I’m a financial planner for Fidelity, and when people come in to me at 60 years old with $350k in retirement savings and they say “I’ll never be able to retire”. My first question is always “Why do you think that?”. The second question is “how much do you need to spend each month in retirement?”. If you can live off of $3000 a month, versus you need $6k a month. This is the most important question.
But yes. This guy is fucked.
I agree. And also, did you notice there was no mention of the state pension that surely he will get or is getting?
@@Fishoutathat depends if he paid into the state pensions plan. He might of opted out.
@@susanlippy1009 Oh, I didn't know you had a choice to opt out. I know in California, Colorado, and New Mexico, there is no option to opt out. I don't know about other states though.
@@Fishouta as a school employee ( custodial) in Ohio I could have opted out but I certainly am not dumb enough to leave money on the table like that. It's set up so you have to actively opt out, passive option you are in. We also have the option to contribute to a 403b plan if we chose which I wish I had but did not. State jobs offer great benefits but the pay is average at best. It's a trade off. With his financial knowledge being so iffy he might very well have opted out to keep spending. Sad really. I have been thankful for enforced savings as my low income makes it tempting to reach for any funds when snot happens. Being a short term thinker means you must thwart yourself🤣🤣🤣
“You’d have to bring her on the show and ask her that, BUDDY” killed me lmao
Total boomer response 😂. Surprised he didn’t say “BUCKO”
@@coryjohnson2486think he said buddy because that’s what Caleb kept calling him
I think he's just being protective of his daughter. He didn't like that Caleb was insinuating that his daughter was irresponsible.
@@Amanda-qt6lcI felt the same way. His tone changed quiet a bit after that.
@@Amanda-qt6lc yea, but at the same time she is 27 pursuing an undergrad, and look at her dads situation. and this guy came on the show for constructive criticism. like im half this guys age and my 401k alone is bigger than his entire networth. Maybe his defensive attitude is part of the problem.
My 83 year old parents are the end result of what stupid spending does. They have zero assets, have $ 15K in online shopping bills and now must go to a sh**&% Medicaid nursing home due to their health. Trust me, you don't want to go that route. Those state Medicaid nursing homes are the worst of the worst. If you become widowed the State may assign a roommate. You have no choice in the matter. One option for Ted and his wife, sell everything and move to Mexico where they can live reasonably comfortably on their SS for half the money. Young people- take it seriously, it will happen to you and a hell of a lot sooner than you think. You can play in your 20s but by your 30s- you must have a plan.
I am sorry that you have to watch your parents suffer for their earlier decisions. Spending addiction damages families just as bad as any other addiction. I often think it is worse because it is often not recognized.
Mexico does not want white American transplants either lol. The Mexican government is fed up and starting to force Americans to return to the States because their income is driving up the prices in places like CDMX. And while it is very cheap to live comfortably in most areas of Mexico, the healthcare is below American standard so good luck if you have very serious illness or health scare and need to be seen immediately. I pray for these older people who are struggling financially.
The mexican goverment will start to deport and fine any US citizen overstaying their visas as for October 2024 :C due to the damages of how many expats are doing to the culture or the local population.But I guess this just shows how bad so many people have it to go that route.
@@ichigo2012hollowmaskyeah it’s hilarious that Americans are shamed for racism for wanting to deport people here illegally, while Mexico is beginning to deport Americans who are there illegally and that’s just fine. And it’s not out of racism, it’s out of “oh this isn’t good for the actual citizens of the country, we should do something about it”.
This being said, there’s other places to go, potentially, to leverage a lower CoL. Like Guatemala to the south. I know my friend’s dad and brother relocated there and things are going well for them.
The taxpayers don't owe anyone a nice or decent retirement home. Adults earn their outcome. This is why are taxes are suffocating. The government encourages sloth and irresponsibility. The government should reduce our taxes by ending the largess at someone else's expense.
I’m really grateful for this guy coming on. It really shows that you’ll never change or grow or reach your full potential if you’re always putting things off. Tomorrow never arrives
You brought up the daughter and his mood immediately changed
Yes! So defensive.
He seemed to realize he's setting a bad example for her when Caleb inferred she's bad with money too. Why is she still in school at 26, why do you give her $100 a month?
I think people get naturally defensive if someone is questioning their child
@@mwehpakonne In fairness, I dont have a kid but I would too. But all it really is, is realising that youve projected your own insecurities on your child. It's a learned behaviour
It's honestly more painful that he is so likeable given the situation he is in.
Likeable = fewer consequences.
It's painful because we recognize he says "yes" but will not do anything different. He is not likable. He is frustrating.
This feels like throwback episodes when I first subscribed. enjoyed the non yelling very much and overall respectful conversation about finances.
Yeah I really don't like all the yelling. At times it can be passible (situationally based) but the rest of the time it's too much. The direct aggressiveness of it causes his guests to go on the defense and their minds shut down, the opposite of his goal. Caleb, we're here for your personality, willingness to help, passion, and the guest's stories. Definitely not for the yelling. I've actually chosen to not watch the show if my neuro divergent brain isn't in the place to handle a large amount of aggresiveness which I'm sad about.😢