The Dumbest High Interest Debt I've Ever Seen | Financial Audit
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Caleb you're definitely helping. I started following you in February and I was much worse than this guy. I have been tracking monthly expenditures since and also have paid off all credit cards. Currently have student loans, car loans, and mortgage to go.
way to go! keep it up!
@@noir3368 thanks I saw myself so much in this guy I've paid down my debts 2x before then got back into it. This time will be the last
congrats!! you got this dude, as Caleb says its just a few years of going hard 110% for a lifetime of debtless peace!
Great work, you’re gonna be so relieved and proud when you’re living your life debt free. Continue the good work!
This guy has vibes of loser trying to shower his girl with money that he doesn't have. Shaking my head
5% cashback, "Dude you're paying 30% interest!!" Had me in tears!
That’s how they get you. So many people fall for that trick.
@@ses-ei7oc, Yes because most people are weak infantile non critical thinking non comprehension issue babies and can't pay the card off in full like I do every month, I get 2% to 5% cash back and I get on average about $45 off my grocery bill once a month.
I’m not American. Whats a 5% cashback?
@@emsicz It means you essentially get a "refund" or "rebate" of a portion of what you've spent on the card, often with certain categories (groceries, gas, etc.) awarding a higher rebate than others. It incentivizes people to spend on the card because they figure they're getting savings, but unless you're paying off the full balance each month, you're likely paying way more in interest than you're saving in "cash back".
The other one is I got a free First Class ticket to Paris!
I live my life not to end up on Caleb’s show.
I live my life to get at least a 8 if I came on the show
I like this show because It shows how bad it can really be. I thought paycheck to paycheck was bad but racking up credit debt is much much worse
@@outdoorfr3ak this is basically what paycheck to paycheck leads to or just average without a budget. One “emergency” or impulsive purchase just spirals for people who don’t understand credit cards aren’t free money.
@@Playingwithproxies oh exactly my point. I'm just saying it lights the fire to get shit really dialed in before it spirals
@@outdoorfr3ak to be fair some, like this guy aren’t even paycheck to paycheck even with the debt but the debt is ruining there income
To all the people who think it is justified to go into debt for a ring/wedding/honeymoon don’t do it. If the person you are marrying is not happy enough to be with you to have a budget wedding than they don’t really love you. They only love what others think about them.
I agree! I have a fake ring, and it's much more affordable. Something you can buy outright is better than putting thousands of dollars on a payment plan.
So true.
So true. Married this year, would be so upset to still be in debt over what was one day in my whole life. We would be just as married, and our family would care just as much/little.
My stbx didn't get me a wedding ribg or a big wedding- and he turned out the be a financially abusive pos. Doesn't always work out.
I personally don't even want a budget wedding. Let's grab some cheap rings and head to the courthouse.
Building a business off credit card debt has got to be one of the absolutely most stupid possible ideas around.
Yes. And many idiot husbands do this behind their wives backs. #truestory.
Atleast setup a line of credit for the business if your personal credit is already in collections. Did some bookkeeping work for a franchisee that couldn’t get a loan so maxxed a bunch of personal CCs for a business that flatlined after barely a year. Brother, it was ROUGH.
@@marykayandelle And many husbands wind up paying their idiot wives school debt for degrees they don't even use.
@@VelocitrapLords if you absolutely have to use credit for a business - like a good business worth taking out credit for, not just buying some expensive stuff for a new side hustle - utilizing literally any other type of credit that doesn’t tear your eyes out with interest is better
unfortunately Tiktok makes it seem like a good idea xD
Your show is seriously helping people, started watching a few months back, I’ve now paid off my truck, my CC debit (3k ish starting) is now in a 0% getting paid off asap, started a Roth IRA, cut out my unnecessary spending, actually have an emergency fund as well as a sofi savings. I wasn’t doing bad, but thanks to what you show people, I’m doing MUCH better, so thank you, what you do is important, and more educational than our education system
So awesome! Seriously a lot you have accomplished. Keep Going!! Genuinely encouraged by your post personally
I've never used one of those 0% transfer Cards before. Can you explain what is charged in the 3% transfer fee for a single transfer and exactly how this works please?
@@dawnklug6986 You can Google this stuff. Be PRO-ACTIVE about your finances and seek out the information yourself. All this info is out there.
What does she pay for. He seems to be paying everything
“I have an Apple Watch and I’m still a fat fuck” absolutely sent me lmao
Gold
So good,😂😂😂
35 minutes in, the root reason they split finances is because HE doesn’t control himself or his spending and SHE doesn’t trust him. Based on his admission he’s impulsive and makes short term decisions vs long term I kinda understand why she doesn’t trust him to conjoin finances, but I see trouble in their future.
I wouldn't want to marry someone who I don't trust to join finances with. Because anything after the marriage, she can get stuck with half that debt unless she writes a prenup stating otherwise.
Yeah a break up and/or emotional and/or physical abuse seems likely to coke if it’s not already occurring and I say that because I wouldn’t be surprised if he gets frustrated for her distancing herself from him when it comes to finances
How can you love someone you don’t trust ??
That is what I was thinking 😂She does not want to screw herself financially I don't blame her. But then again its also like why are you marrying a man who is bad with money?
I absolutely understand not wanting to do fully joint finances. I grew up and that was one of the biggest lessons I learned from my grandmother, keep your own money. Her first husband divorced her, cleaned out their joint savings and left her with two kids. I have watched situations where one partner in a relationship gets chewed out for spending $20 for a bra where the other partner blows over $200 on their hobby no questions asked. I like having both a joint account as well as private accounts, each partner contributes to the joint but they also have their own private account.
@CalebHammer, you need to interview a 75 year old Walmart worker to scare some of these people straight on their finances! 😀
Didn't we have like 50 year old gas station employee recently? That felt pretty close as it was obvious he just kept kicking it down the line, and then realize there was not a ton of road left to kick it down.
@@Ericbomb, what episode was that
@@Rocket9944 th-cam.com/video/WQf62SaZhxc/w-d-xo.htmlsi=AEZKoyD96iPBCheg
Those 70yo life long walmart associates are closet millionaires now
#4theWIN!!!
This show has taught me that there are people with great jobs and still have no money. I wouldn’t think it possible before. I am unemployed long term and even I have positive net worth.
Mo money, MO problems
@@sebastianbonacic7509 well sorta, only if you're irresponsible or have bad money education
@@sebastianbonacic7509🤣🤣🤣🤣🥰🤣
How do you pull that off?
“The millionaire next door” is a great book that highlights why there are disproportionately more wealthy tradesman than white collar dudes cuz of the standards of living associated with those class lifestyles - (I.e. suits, fancy restaurants, horse bullshit lol
Higher income creep is way too common. We need to tell our children that if you get a job making 40k a year, live like you’re making 40k a year. And when you get a job making 120k a year, live like you’re making 40k a year
$120k a year isn't really $120k though. Net savings after taxes and expenses is what someone is worth per year.
Vehicle spending is the #1 thing that kills most people on here. No matter what you make just buy used Honda's or Toyota's and most of the time you'll be fine.
My personal rule is that when I get a raise, I only take a portion of it to inflate my lifestyle, and the rest goes to savings. So if I get a 4% merit increase, I take an extra 2% toward my fun budget, and an extra 2% in my 401K. That way I scratch the itch for my lifestyle but also get more in savings.
If your making 40k a year, live like your making 20k a year.😐
@@lot2196 my $3800 camry that I bought after high-school is still going strong and cost maybe $60 in repairs lol
The man creates so much debt and it doesn't make sense for her to want to keep her finances separate? I think it makes perfect sense.
BUTTTTT a lot of his debt comes from helping HER with the business so it’s like she enjoys his financial help but wants none of the consequences.
Why marry him to begin with though? I think that's why it doesn't make sense
@bigkieppo I would like to hear her side, but based on his version I agree with you. She lived rent free for a while too and now she doesn't want to help him? They do need some counseling before getting married. Otherwise, what's in it for him?
the thing is, if they're married, their finances ARE combined. Regardless of if they physically put it in the same account. That's what marriage IS. Unless they get a prenup I suppose
Usually at that age the clock is ticking and it's now or never if she wants to have kids. She could break it off with him but then it's going to take some time to find another guy who might want to marry her and by that time she's lost her chance. That's the risk she would find herself in. @@GenericDigitalis
Caleb is a content machine!, The consistency is unreal, and I look forward to each and every episode, thank you Caleb for all you do! 😌
He has at least one employee working for him maybe filming and editing. So he just has to set up one audit per day and spend 2-3 hours interviewing. He’s definitely turned TH-cam into a full time job faster than anyone else.
I appreciate that!
Content machine thanks to all the dumb people out there .
He’s so consistent that I’ve fallen behind on episodes! 😂 talk about a good problem
The fact that Caleb is clearly hardworking and consistent encourages me to be the same.
No joke, I proposed with a ring pop (my now wife thought it was adorable) and then the next day we went to the jewellery store and I let her choose whatever she wanted under $1600 (the exact amount in cash I had). Our wedding cost $3,000 that we paid for in cash. Going on 8 years of marriage now.
We went to an antique mall and bought a beautiful vintage ring for $500. Married at the courthouse, lunch at a nice (but not expensive) restaurant after).
Good for you! A set of wedding rings in Europe would be less than €700 and you’d have a really nice his&hers set.
We did a DIY wedding at home - my husband proposed with a ring that was in my family. 15 years this summer! The ring does not make the marriage!
Similar story and almost at 20 years! Financial stress leads to marital stress. Most things aren’t worth going in to debt.
I love your story! You are both lucky! 💜
This isn't a money problem. It's a behavior problem. If he can recognize and change the behaviors, he has a good chance.
Good point - but only the money issue is being addressed here. So… I’m really curious about the follow-up
Monday, Wednesday, and Fridays are my favorite days of the week!
honestly same! as soon as i come i to work i put caleb on haha
@@honeybison same here 😁
Caleb is my FAVOURITE day of the week too! 🙌💕 xx
Looking forward to daily! Lol
I know him IRL he's lying his favorite day is Tuesday
I think people who grow up "poor" don't really realize how little middle class and upper middle class spend. My family has been well off, but we did NOT eat out at all unless it was maybe the weekend or a special occasion. when I was a kid even with my dad being a CPA and making a good amount. We didn't take vacations, we went to my grandmas house in florida. He did NOT buy me presents or spend a lot of money on me unless it was a holiday or birthday. He did not buy flashy things unless he had the money to buy it completely. We would always go to sales or clearances at nice stores to get the cheapest available thing. People who grow up poor have a misconception on spending money as a middle class person when they get there and end up spending like theyre in the top 5%.
edit: please don't take offense to this, its my opinion. Hence the "I think". This is not fact nor do I claim it to be.
100% agree my parents realized how much soda cost at restaurants and ever since then we’d get 4 waters every time we went out to eat. It basically saved 10-12 dollars every time we went out
@@Playingwithproxiesor we would bring our own sodas and ask for a cup to get ice.
This.
My family never was poor. But we never had money money. I started getting what I thought was money and would spend. I had to learn just because you have it doesn't mean you have it to spend.
In the words of jay z. If you can't buy it twice in cash you can't afford it.
Seriously. I've got a pair of jeans that is old enough to vote and it's still perfectly fine. I could last for 3-4 months on what his one grocery bill was and I never eat out, I just cook at home. If you make that your hobby you are not only occupied but also healthier and cheaper. (and your old pants fit forever :D). Instead of buying a workout watch and then never working out I bought a set of weights and a pair of running shoes and I'm set until I break the dumbells.
@@Formoneyclicksandviews Yep, my dad says, live within your means. Granted I am very fortunate in having a father who is a CPA and monetarily literate and understand that not everyone has a person like that in their life. So he basically tells me when I'm spending too much like Caleb. He's like WHY DID YOU GO TO CHIPOTLE AND GOLF. You can't afford that 🤣
Guests need to start printing out their Amazon statements along with the bank ones 😂😂
Right
@@CalebHammerCaleb no idea how someone can run so much up debt to amazon just lining Jeff's pockets for next day delivery! these videos make me not want to spend 😂! Keep it up dude love them, from the UK 🇬🇧
I resent every dime I send to Amazon! Do not have prime, either. I just same up my needs until over the free shipping threshold
@@joycef8443I will never buy anything form Amazon at all.
Would you ever do an audit of a more financially responsible individual? As a young adult/recent college grad it would be helpful to see an example of someone who is making better choices but still needs advice working towards different goals
That would be me, I've applied to go on the show but never heard back 😅
That sounds boring, no high pitched voices, desk slams, faces
@@zereign1525 haha are we all mostly here for hate watching? I'm financially sound, but likely make mistakes as well...I just have enough income to cover whatever bad choices I make (so it could be a good show still)
There are a few episodes with people who are doing well. They are a bit boring and get little views.
If you're not in a jam then what do you need help with? I'd like to see investment advice and what to do once you're out of the red
this is a prime example of how most people stay broke. It's not how much income you make, it's what you do with the income you make. Great Video Caleb.
Exactly. THIS is why people can't afford health insurance. It's ok though Obama "fixed' that?????? Keep being irresponsible people...a libtard will come to the rescue
Yes
I love that Caleb leaves an open line of communication for guests to follow-up with questions and more advise off-camera, and even come back for follow-up audits. It really shows he cares about the guests' futures and where they end up. Great content!
His car is $53,925 car, not including the down payment. He can not afford that car with a $83k salary!
Correct. I'm 57, make the same money he does, similar path. I bought 1 new car in my life, Honda Fit $19,600 out the door. Will be driving it another 10 years at least.
Household income is 130k and both our cars were paid in cash, mine $3800 and his $7000. Car payments are a joke
I make 118k and it killed me to get my car at 38k and the dealership kept trying desperately to get me into something more expensive and got pissed when I refused. I don't get people looking at their income and deciding what is the absolute max amount of vehicle they can finance and deciding to go for it.
@@chkngrl don't go to dealerships😭
I make $66k I’m 29 and I financed a car when I was 25 just paid it off and I’m running it to the ground it’s a Kia
Honestly props to this guy for not having watched the show but still being prepared with all his numbers on hand. People who claim to be fans of the show don’t even do that 😂
Regarding the marriage, I wouldn’t get married until the debt is gone. Whether she wants to contribute to making that happen or not, it would be stupid to tie yourself to that willingly.
Also kind of surprised selling the car wasn’t on the table here. That’s usually Caleb’s go-to 😂
I was thinking that too, especially since they could share a car.
bro I made sure my PARENTS didn't have debt before we got hitched, just in case.
To this guy: When I was in my early to mid 30s, I had nearly exactly his level of debt (on really stupid stuff) and retirement. Got the debt paid down and have started aggressively saving for retirement. Five or six years later, and I'm in a really good place and am basically caught up. I have depression too, but trust me that getting out of debt will help it (not cure it, but help a lot). You can do it.
Praying for you dude, mental health isssues are a tough thing to beat but it sounds like youve got a great start
Thanks man, I'm 35 and just now starting my financial journey...your words give me hope. I have a long road ahead.
His compulsiveness and depression cycle reminds me of my friend who is Bi-polar. My friend manages it really well but when when we were younger he had the same cycle with money. I hope this man finds the help he needs. Regardless of the person, any therapy is good. Hope you get out of this soon my dude!
I immediately thought of ADHD because of the hyperfixations- buy all the stuff for the new interest, move on to the next interest.
@@carolinecollins2441ya totally ADHD I do this too. But I just consume information and plan. I don’t execute
The best way to make money as a photographer is to sell your equipment.
That's the best way to enjoy a boat, I think. 😆
Maybe his wife will hire him 😂
Quoting Casually Explained? :D
Truth!
😂😂😂
Caleb, I’m 23 I am not in a bad financial spot at all, I make $71.5K/year, and I have about a 20k net worth (10k of a fully funded emergency fund) but I never realized how much I’ve been bs spending. Also, I never really knew how significant my first decade of compound growth is, and because of you I’ve decided to start contributing to my 401k, my employer matches 6% so I’ve been stupid not to contribute in the last 2 years. However I’m blessed to realize this at 23 and not 43. Thank you for waking me up!
Having a positive net worth is awesome. Did you include any loans?
Just keep saving and avoiding the lifestyle creep and you'll be the first PERFECT 10/10 🎉
Keep it up! With that income also consider maxing out a ROTH every year you can put $6,500 into it so just divide that number by 12 months and add it
@@anicebyrd7467 Aaaaand avoid meme stocks and crypto... bro 😅
Maybe meeting with a financial advisor is a good way to spend an hour or two.
That's awesome! Way to go!❤🎆 You have something so powerful on your side: TIME. Great job realizing it now. Take advantage of every penny of the employer match. There's truly not that many things in life that are "free money" but employer match is one of them. The other comments responding to you are spot on! Lifestyle creep is a big one to avoid, ROTH is HUGE. If you want more ways to maximize you can always look at some of the early retirement people. You don't have to go as extreme as them, just adjust it to your goals.
@@ProWrestlingPsychology101yes that Is including my $9,200 left on my auto loan at 2.99% so it makes no mathematical sense to pay off since I’m making 4.5% with SoFi
While I don’t suffer from any CC debt and have been working aggressively to pay off my student loans, you’ve made me work on my misc spending, the coffees and taquitos. I got a nespresso machine on sale and make all of my coffee at home now.
Taquitos 😊
Good for you! It's amazing how little expenditures add up.
I love my Nespresso machine! Tastes way better than most coffee I’d buy while out and about.
I spend half of my earnings on takeout after I pay off my bills and I'm wondering like why I only have $5 the next week 😭. Help
@christinefulminar6203 Oh, Christine. It's so easy to get into the takeout trap when you work. Start buying some convenience foods at the grocery. Then buy some things you can cook in the crockpot on the weekend that will provide a meal that day, a meal for later in the week and a meal or two for the freezer. If you're eating out for lunch, pack your lunch every day. Get things from the store that you'll eat for lunch. Before you go shopping, take time to think about what you want for lunch and dinner. It'll take more time to plan, shop, and put away groceries; but, It'll be much healthier and cheaper in the long run. It'll take time to get accustomed to doing this. Determine that you'll not eat out for a week and go from there. Good luck!
You should also do calculations on how long the guests can go on with their current spending/debt before they can no longer rebound.
That's an interesting idea. I think it would negatively impact the guest as they could potentionally go on their spending sprees until they die of old age, and seeing the actual math to do so might enable them to do so.
Still, it's a fine thought.
That’s a great idea
ex beyond finance employee, they take 25% -40% of whatever they settle for. I quit cause it wasn’t sitting right with me. Settle the accounts yourself, it’s not worth the fees.
I only started watching about a week ago, but since then I have made a budget, calculated all my debt, started the snowball method of repayment and feel like I can breathe now that I have a plan. Best of all is that I now think before I purchase something "would Caleb yell at me if he saw this on my bank statement?" It actually helps, lmao 😂
Lol 😂
Congrats! Keep it up!
Good for you! The peace of mind that can come from just sitting down w a pad of paper and doing a budget is great.
One trick I use to curb spending is to think in terms of hourly take home pay, like is it really worth half my Monday for this widget? Usually the answer is no.
Literally everytime my wife and I think about a purchase our immediate thought it "what would Caleb say?"
not to mention his regular uploads help you stay on track and keep motivation (for me at least)
I’ve decided I just need to get a debit card with Caleb’s face on it that says “TAQUITOS!”
With a voice chip in it, now that WOULD be awesome.
I used to work with a guy who always said he didn’t expect to live a long time. I laughed when I realized he turned 62 this past spring and is a grandfather.
The fact that she was able to start her business because he was paying all the rent at that time is proof of why it’s so much better to combine finances if you’re married.
There’s no such thing as controlling her own finances if she benefited from subsidized living expenses thanks to his income.
Tbh I don’t completely trust his version of events. He seems like an unreliable narrator. I had an ex who made it seem to me like he had a lot more income than he did and could afford a lot more than he actually could, for months I had no idea that he was going into debt. Not only do they have separate personal finances but their photography businesses are completely separate too. I think he’s made a lot of bad decisions and not been honest with her about what he can actually afford, I don’t think she knew how bad his finances were until recently so she probably doesn’t trust him to be involved with her business. Would not be surprised if he went on the show as part of an ultimatum. I would love to hear her side of the story.
Keep that same energy for the stay at home moms who deserve alimony
She using him
I mean, he bought a lot of equipment for her. How is she going to have separate finances regarding the photography business when he helped monetarily.
you won't get married otherwise if you dont at least pay your fiances rent unfortunately. I blame cardi b lol.
Man, I know it's a crazy budget when minimum debts is bigger than rent. That's just insane
This couple could at least have a joint household account that pays for all joint expenses. Each auto-deposits their share. Then there's no zelle-ing back and forth, no mental arithmetic, no score-keeping. I understand the fiancée's reluctance to fully combine finances: her man has a track record of financial irresponsibility.
1000000%
That includes buying her thousands of dollars if photo equipment and a top of the line Apple watch...
I really appreciate the folks who are vulnerable on this show! It's such a gift for us all watching and learning!
He reminds me of my husband. Hubby used to get a new hobby every three months and wanted to buy the full equipment for everything each time, before giving up after 90 days top. He enjoyed possessing things. I love that my husband is creative and wants to do a lot of activities, but my role was to navigate that without crushing his spirit and spending needlessly. ^^
For example, "I love that you want to learn piano again, but how about, instead of buying a new piano, you take the one your sister doesn't use?", "I love the fact that you want to try to learn viola, but how about I buy you one if you can do it for more than 6 months, and in the meanwhile you get a used one?", "It's great that you want to do theater, but how about you do it as a hobby during the weekends instead of quitting your job to go study theater in England in your thirties?"
Luckily, he is more realist now and he has become more responsible financially after all my efforts. I don't have to stress as much by being the more grounded of the two.
Jesus that sounds exhausting ...you're not his mother but l guess you turned him around...but most do relapse eventually
So you’re basically his mom
@@ykook7000 the amount of emotional and mental work this is...and he basically has made her be his mom
ADHD right there 😅
When I was 18 I got my first job as an admin assistant for a financial advisor. I learned so many lessons from him but also from seeing the situations people would end up in, that’s what I love about these videos there are so many lessons to learn. Thank You Caleb!
In photography we call this having GAS. Gear Acquisition Syndrome.
Where I’m from we call this ass-absolutely stupid shit
Guilty 😅
719 * 75 = 53k+ on a car and that’s not including the down payment he put down. That’s absolutely I N S A N E
Let's hope it's not a dodge charger. Caleb would implode.
I had no idea about loans when I got my old car. I ended up paying 30k more in interest!!!!!!!
So happy it’s paid and I now know from these videos
That’s optimistic thinking he had a down payment.
I was surprised Caleb didn't tell him to sell it and buy a cheaper car
Hey Caleb, thanks for uploading this. I can heavily relate to his situation. Last year I used to use Affirm, Klarna, and Afterpay to buy EVERYTHING. Even gifts for my girlfriend. I was losing hundreds on interest. On top of that, I had my credit card utilization at 95%+ every month. My monthly minimums for everything was about $500-600. While half of it practically goes towards interest. Had a credit score of 560 for about 2 years. I felt sorry for my self and finally fixed myself up after watching so many of your videos and I no longer have any financing purchases, deleted all those apps, paid off everything. I can breathe so much better knowing I have no minimum payment to think about every month. Credit score went up to a 758 and only purchase things on my credit card that I can pay right off the bat when the payment posts. I did all of this with only a PhD annual stipend of $2450/month. Y'all can do it too :). Much love from NYC. Next up, emergency fund.
That’s great! Your hard work has turned the situation around.
Whats frustrating about this guy is its literally just buying shit. Its not shitty life circumstances, he didnt get medical bills, he isnt supporting extended family, nothing...just constantly buying brand new cars & apple watches & drum sets & every other gadget under the sun that he could easily have said no to
I respect the guy wearing the logo for his photography business while getting railed on by Caleb. Free advertising for being yelled at for an hour, lol.
The problem with consumerism in America is overwhelming. Caleb will never run out of these characters.
I’m very interested to see an interview with one of the subscribers who took his advice and got out of bad financial situations
There are some follow up videos. Many are awfullll but I've seen a couple of good ones as well. They're mostly not labelled as follow ups though so can be hard to spot
@@badgstenThere's a playlist on his channel now.
I didn't realize there were follow up video's! Going to have to go back and look for them. Appreciate the heads up that they aren't labelled as follow ups @@badgsten
Their was a follow-up a week or two ago where a dude had a 9 month follow up and did exceptionally well with Caleb's advice
@@ackielhemmings8174 That's awesome!
Caleb! I think a really cool addition to the debt payoff breakdown portion of your videos would be to included a visual that shows how much money is going back into their remaining budgets since as they pay off their debts those minimum payments go away! It would be a fun way to show how powerful momentum is. Keep up the amazing work, love love your show.
I actually agree with the fiancé, he was stupid with his money and blew it all, she can manage her money, why she should pay off his debts?
He has gotten out of debt and then went right back, how can he guarantee he won't just blew her money and make it this bad for her
Fair point but if that's how she feels how are they going to build a life together. I agree it shouldn't be her problem but she made it her problem by choosing him to marry.
I agree with parts of it, but he's helped her with her business. He paid all the rent for a period of time so she could build her business. It seems like he helped her with some of the camera equipment. He bought her an apple watch. She wanted an engagement ring, but he was the one who paid for it. And before you say that's his responsibility, that alone is irresponsible when she knows how much debt he has. She wants a traditional wedding and a honeymoon to Italy, but you don't hear her offering up anything. Or offering to wait a few years.
I may make 6 figures and rock the 50/30/20, but I still hear Caleb yelling “taquitos!” every time I think about buying something I don’t need 😂
Loving the show, Caleb, keep it up!
it's also just not worth it, every time I cave and get a burger at a gas station I immediately feel like anthropomorphized vomit. But my dumb anemic ass still does it, or did it, I've started stabbing myself with my keys when I think about getting road snacks now. Negative reinforcement works lol.
Man Why would you hurt yourself? This is not the way to discipline yourself, you do not deserve to inflict pain upon yourself.
Not combined finances for couples is totally fine, as long as everyone knows everything and is transparent. A lot of people had really rough relationships in the past, and having independent finances helps that feeling of maintaining control. If people are on equal footing and not dependant on each other, they are staying together because they actually want to. And in this case, they're both able to financially exist independently. Financial abuse does exist, and having independent finances, while having honesty, is totally fine in a marriage or relationship.
True, but people forget that assets are marital even if kept separate. And debt is also marital
Seeing how much people make and still are in a pile of debt, it shows it’s a mindset and lifestyle choice, not about how much you’re making.
Also where you live . I only make 25k a year and I’m very comfortable . I eat out often and take at least one big trip a year .
Yep. People see six figures but they don't see the month to month when 70 percent alone just goes to rent in places like New York City and Los Angeles.@@andrewcruz1931
A lot of people living "paycheck to paycheck" are living that way because of their own bad decisions.
Caleb needs to start showing his heart rate during these!
Every single health professional watching will have sympathetic apoplexy.
what a nightmare to love someone who is not financially smart. she's not gonna let him use the 10k because as he already got out of this situation once and then got back into it again
Caleb has reignited my fire to further pad my retirement (currently 28) and has inspired me to conduct financial audits on my family and friends that need help, and it's very heartening to see people see the reality of their bad situations and turn things around. Thank you for helping my future and by extension, the people around me!
Just opened a checking/savings with Sofi to take advantage of their interest rates! They also gave me a personal loan to consolidate debt at a lower interest rate after so many other places denied me (the inquiries on my credit are stacking and I was panicking). I’ve been sticking to a budget religiously for the last year now, but all my high interest debts were keeping me from making any progress paying them. I finally have a chance to build savings and my credit now. And renovating my house, and paying off student loans. My 1999 Chevy will need to be replaced eventually but she’s still going strong so no plans for a car payment or a jump in car insurance for a long time. Viewing your content has really helped Caleb. Thank you. Truly. I feel like the weight of the world has been lifted off my shoulders and the road to debt freedom is long, but visible. ❤
Good for you! Sincerely, it sounds like you have percentages and interest figured out, which makes a BIG difference in creating wealth. ❤ 💪
It's sad when someone with this kind of income is in a situation like this. He could live a comfortable life but instead chooses to live above his means and destroy his life. Good luck to him!
Yep. With the same income, if he hadn't been living above his means and had been saving and budgeting properly, following the 50/20/30 template, he could spend $1700 every month. 1.7k EVERY single month. That is an insane amount of fun money to spend on hobbies.
Like you said; he could live a comfortable life.
As someone who lived just like him, it all comes from physical health. You let yourself get out of shape, usually due to emotional or physical stress, and that extra weight lowers your standard of living and it becomes an avalanche. That lower standard of living affects everything especially your energy to get up and do things. Then everything goes downhill from there. I didn't have the energy and/or motivation to do anything until I got my food on point and started moving around. It doesn't really matter how much you make if you live for the indulgence that comes with complacency and our modern comforts.
@@maxinoumeHe's too far behind with retirement to ever allow $1700 when he gets out of debt.
@@mmmd3429 Yes, that's why I said "if he hadn't been living above his means and had been saving towards retirement".
Now, even if he gets out of debt, his fun budget should not be above 1k, and ideally be around 800. (that's why it's important to start early. Time is your strongest asset)
@@maxinoume Always start early. Compound interest is KING. With someone like him, I'd even knock it down to $500, because he will more than likely go over budget.
To me it seems like his budget problems are secondary to his relationship problems. She doesn't trust him because he's got no self-control. Hopefully he follows Caleb's advice and he can earn her trust. But I just don't understand the idea of marrying someone who you don't fully trust.
He’s too soft too. By the looks of it he may be trying to spoil her to maybe make up for something? He seems to buys lots from Amazon for her or caught f money up for her needs. Many date as if they’re married and over commit and treat marriage as if they’re dating. Seems like she is controlling the relationship because he isn’t stepping up. Not trying to make it seem like machismo but what I’m picking up
@garretreed9709 Stop blaming her. The buck stops with him - it's his financial life. He *clearly* has self-control and impulsivity issues - he's a nice guy but a little immature and passive. That's not his fiance's fault.
Quote of the day: "Look I have an apple watch and im still a fat f**k" 😂😂
Thank you for keeping me laughing Caleb and headed to a life without debt.
Keep GOING! The day I paid off my debt was truly one of the best. So many things are over hyped. People say the phrase "life changing" too often so it loses it's meaning, but being debt free actually is one of the few things that truly is LIFE CHANGING.
Yes Caleb is sometimes sooooo funny
Caleb I get that you’re concerned why people would get married and have separate bank accounts. A main thing women are taught is to always have a safety net of money SEPARATE from their partners in case of abuse or something terrible happening they have their own funds to keep them afloat. Combined finances can be very dangerous….especially if someone like him has a spending problem.
The point is, if she feels she can't be safe with him financially, then should she even marry him in the first place?
@@bethanylawrence2717feeling safe and being safe are different. Being safe as a woman is having your own separate money, regardless of how you "feel" about your spouse.
He's not saying the woman can't have her own bank account he's saying there should be transparency
Yup, and it goes the other way too. I know a guy whose wife left him and locked/cleared out all their accounts. She kicked him out and he literally only had access to whatever cash was already in his wallet. Always good to have one account your spouse can't access.
Men deal with that too. Especially now a days men lose half of what they spent years building in a matter of servings because of marriage. I has a friend lost his house to his wife through some shady stuff. Took him forever to regain some stability but thankfully he’s in a better place now and she didn’t get the benefit
The way he said 98 cents while talking about the cost of the car. Bless him. Wishing him and his partner the best in getting out of this and moving forward
I think Caleb needs a spreadsheet on his laptop that has every category of possible spending (within reason) so he can type the digits in have them auto add and he won’t miss things like fuel or insurances or any regular bills.
After 10 debts,Caleb needs to direct the guest out the door and say you are Fk'ed and don't come back
@@bpaulb880as your financial advisor I advise you to go bankrupt and try to do better next time.
@@bpaulb880sometimes it’s the quicker process
I agree but he should instead make a funny poster so he can glance at it and yell at the guest to look at it when they ask about spending outside the budget lol.
Agree, there are other spending categories rarely discussed; healthcare debt, pet insurance, children, accidents, emergencies, car maintenance, etc.
I respect Caleb so much for advocating for mental health. Your mental health is so incredibly important. It’s worth any effort, money or time to improving it so you can make better choices and manage your work and money properly
When I first started dating my fiancé, they overheard a conversation with my brother who was on speaker. My bro told me the credit card company reached out to him bc I was behind on my payments. I was so embarrassed, it sparked the flame to pay off all my debt and never be in that position again. Since then I’ve paid off everything but the mortgage to my condo.
I really really hope these shows have a similar effect on these guests.
“I’m not marrying that debt!”
Yes, honey, you are.
Unless they're having a loooong engagement until he pays his stuff off.
Prenup. Also, he got all this debt prior to the marriage. So she wouldn't be on the hook for any of this. They would only share the debt taking out while married unless the prenup said otherwise. Which of course is likely since he has bad habits, so prenup is the best option.
Caleb's show has helped me get a handle on my financial situation
I think the “not planning to get old” is a societal thing. For a lot of people seeing themselves as a 65 y/o retiree is difficult. For me it’s not a morbid thing I just… can’t see it. Hard to plan for something you can’t see.
When you hit 40, you will see it very clearly! Start your Roth IRA now and thank me in 40 years.
Caleb great clarification on calling out the fact that he’s still poor. He’s probably being told by everyone how well off he is just because of his salary, and the social pressures that come with it.
Him not having a degree makes sense now. I work in that field and that’s a low salary for someone with 7 years experience.
I don‘t think we should blame the fiance for not wanting to combine finances. We just saw the snap shot, she knows much more. Likely she is making a wise decision for her future.
No, we can blame the fiancée for not wanting to combine finances. If she wants to marry him, she wants to become one with him in every way possible. Trust me, she needs to take a very assertive role in managing the combined finances, but they need to be combined regardless. I dont care if she makes the entire budget and forces him to follow it, it should be combined.
@@redspice3230 Interesting, I never saw it this way. So you would say the only way to ‚do‘ marriage is fully combining? Not even a seperate savings or seperate old dept?
@@Sarah-uj4oj if you cant share eachothers burdens you shouldn't get married
@@Sarah-uj4oj and as Caleb mentions it also makes most sense mathematically
@@Sarah-uj4oj I think your definition of combining is different than mine. The sentiment has nothing to do with accounts or the mechanics. It has everything to do with the way we view money. If I have $10k over here and you have a $10k debt at 30% APR, in a marriage, I would rather you not pay interest and you replenish us with that money as we go (but not letting it just go away, making sure there is follow through).
Watching these makes me realize how horrible I have been with finances my entire life. I’m 35 and make around 90k a year but live paycheck to paycheck due to my horrible financial habits. I have hardly any debt to speak of. I owe about $1,300 for some dental work but that’s all. I know how bad I am with money so credit cards were never an option for me. The worst part is I’m a carpenter and certainly can’t do that forever (probably not even 10 more years) but I have exactly zero dollars for retirement or emergencies. Been on my own since I was 14 and it’s always been this way. I’m not dumb and realize all the blatant problems but to implement a solution has always escaped me. There is much more to the story as to why. Just feels good to tell myself how bad I am with managing money. Might help.
never to late to begin
You have a pretty reasonable situation, actually. Little/no debt is a great first step, so you just need to get a savings plan in place. In your situation, I would actually suggest automatic savings/investing.
It takes the money out of your direct line of sight, and ensures that you are saving up without realizing it. As humans, we're highly adaptable, so if you remove the money you want to save before you start spending each month, you'll just adapt to the lower amount of money available. You might still have that "paycheck to paycheck" process, except that you've already put aside a percentage automatically that you just simply don't see in your bank account.
Just don't look at it for awhile and set it to automatically invest (Index funds are great if you're not sure where to start)
Knowing your weakness means you can make changes. Clearly you are fully aware of your own weaknesses, so you haven't gotten into debt-related trouble. And you're still young enough to do pretty much anything financially. You just need to have a new plan of action.
Every time I think about my journey in profitable markets and how I managed to increase my financial situation to six figures, I feel very satisfied and very grateful to GOD.
Excellent news, the joy you feel knowing that you will never run out of money again must be incredible, I hope to experience that one day. Would you mind sharing how you achieved this?
Starting with a professional/mentor who knows the ins and outs of the market is the best way to achieve success, it takes time and money to understand the importance and that is why I work with ~Teresa Lynn Hansen.~~
We are just one step away from accumulating wealth, I know many people who have made fortunes in cryptocurrencies and FX and are looking for similar opportunities in the current market, can this advisor help?
look up her name on the internet
Not all heroes wear capes. I will always be grateful to TERESA LYNN HANSEN for being so professional and experienced, for playing the part, and also for helping me escape the 9 to 5 hustle.
I have OCD and ADHD, and he has the mindset I had before I sought treatment. I can definitely hear the covert hoarder in h trying to justify every purchase. I hope he can get the help he needs.
Same, i definitely noted the i have to have all the best stuff in order to start this new hobby. When in all reality you really dont but you telk yourself thats when you can start and youll be good at it.
My first thought when he was describing the hobby thing is that he 100% has ADHD
Yep. I’m in the same boat. So glad I got my treatment. Budgeting is so much either without the OCD and ADHD fighting over who’s driving the car
Came to the comments to see if anyone had said this. Reading between the lines, definitely think he has ADHD! When you know, you can manage it better.
Shiny new things with impulse buying and no real understanding of money.. Hopefully he'll understand this before he's absolutely broke and nearing bankruptcy.
It would be cool to see your guests’ total net worth, positive or negative, at the end of the month. Could be a motivator for some people.
He needs to have a discussion with his fiancé. Take the 10 grand and pay off everything you can. Then he physically hand her $1000 every pay period until it gets back to 10,000. If you’d like to give her one extra thousand in interest that be fine.
Is he getting paid for the work he’s putting into her business? He kind of acted like it was their business…but he didn’t report any income from it. Just expenses.
I think we adds to that savings a well it’s Joint but he cannot 51:13 take out of it without her buy in. Don’t get married if you can’t combine finances.
Plus he paid the full rent while she focused on her business
Caleb, some women want to maintain separate finances due to previous experiences with financial abuse in relationships. They can still work together while maintaining two accounts if they work to be on the same team. 😊
Caleb when/why have you stopped telling people to sell their stupid cars? $37,000@10% is like $300 interest PER MONTH. He f***ing works from HOME.
SELL the car, cover the difference and get a cheap car or even better, live with one car in the household. Saves you thousands of dollars.
Oooh that’s really good point! He works from home and gets all his food delivered to his house! No car required.
It's crazy to me people go "i want to work out, let me buy an apple watch" when you can get a fitbit for like under $200 and see if you actually use it before you pay the insane price of an apple watch
Or just exercise without a smart watch
People really like the "game-ification" of working out. And the company advertises it like "If you have watch, you will go to the gym". It's selling a lifestyle.
As opposed to people actually benefiting their lives with a $50 Anytime Fitness membership.
@Floodric1991 100% agree but i do understand why people want a smart watch to work out with. From my personal experience it makes it easier to track progress and treat it like a game in a way. I also enjoy that my fitbit reminds me to move every hour because im adhd and i often forget to stretch/ take a break when i get hyperfocused.
@@Floodric1991 TY. Came here to say that. Just buy some dumbbells and you don't even need a gym membership.
@@ProWrestlingPsychology101i personally think that you don't need that kind of watch to make exercising fun or into a game. Nothing wrong with some good ole plain self motivation or creativity to make it a game but i genuinely thought the major benefit is knowing your health stats throughout like beats per minute, etc. I see the value there and at that point, why not make it a game.
CALEB!
I used to work for Bank of America collections. I've worked with those settlement companies on both sides.
If you have a few minutes I can run your through how they work and the risks involved (on or off camera). Definitely something you should have some knowledge of and advise these people on how predatory they are.
Who are you saying is predatory, the collections or the debt settlement companies?
I can't help but feel bad for the bride in this situation. I'm assuming she's around the same age, and being a wedding photographer, I can only imagine the joy and excitement to finally have her own wedding. And the additional pressure to have a perfect wedding because of her career path. Wish them a happy marriage, hope they can figure out the finances.
The whole "perfect wedding" scenario isn't feasible for most people. The sooner folks realize the importance of getting married isn't the party day, but every day after that that counts.
Marriage is pointless and weddings are the biggest waste of money .
I agree, it's rather sad. Personally, I'd be very torn about marrying some with poor finances/debt. Weddings are also huge in my culture ("the courthouse" isn't even recognized as a marriage in some parts-- you HAVE to have the ceremony for it to be valid). It's literally a familial, legal, and personal obligation for me.
If she is at all successful photographing wedding, she should know enough vendors to put together a deal of a wedding at an interesting (yet inexpensive) venue. But, honestly, she should not marry this guy. He is an anchor. Do not attach yourself to an anchor.
@@harmonyae7033 Agreed, I know it's easy to say "go to the courthouse" but most people wait their whole lives for that day. It's not an easy or acceptable pill to swallow.
Hey Caleb, love the shows, I liked how you put the total debt that the person had in the corner of the page. Made it easier to keep track of
Petition for Caleb to get a fitness audit for himself.
I just want to see a nutritionist yell at him "WHY POSSIBLY?!?"
I'm a Dietitian. I'll do it❤
That’s a little different…
Body image and finances aren’t the same.
I see why she doesn't want to merge finances. He is not responsible at all with money and she seems to be. If she combines her money with his he will end up spending her money. Its not a great place for a marriage but I can't blame her.
I don't blame her as well. I do wonder if they could put maybe a little into a joint account. Then she still has her own money.
@@VeronicAM313i would combine but I would have her handle all the finances
Sounds like they shouldn't be getting married.
I personally could not marry someone who was not good with money, that will lead to so many problems down the line.
I agree she shouldn't have the consequences of his problems. But she chose to marry him so now his problems are her problems that's the only way to build a life together
When you find out your insurance sucks and therapy is $131 a pop for one measly hour.... Yeah, after 4 sessions and over $500 down the drain I'm just not seeing the ROI.
I'm going to say this any time someone asks me how therapy is going. 😂😂😂
"After investing nearly 10 years in the industry, my ROI was no longer profitable."
My mental health hurts just thinking about spending $500 on 4 hours of time 😂
Rather go to Disney world at that point tbh
@@ProWrestlingPsychology101honestly. I feel way worse than when I started a month ago, knowing I’ve just wasted all that money.
@laurapatrice1986 When I went, I was learning about how I thought and what it was doing to my life. It helped me a lot.
But just "trusting the process" doesn't work for everyone and we're all unique. So it's really too bad it doesn't seem to be working. But thinking about it positively. I'd rather spend $500 trying to get better than spending $500 on going into debt for an engagement ring/ food/ PS5.
wow...I feel good after listening to these people. every time I feel like frivolous spending, I just watch these videos.
He makes $87k and has a a $700+ car payment for 5 YEARS?!?!?? How did he expect to pay that?
Never do Affirm. I'll take the 0% Amazon Monthly payments but NEVER Affirm.
Unfortunately, I can very much see him still getting an expensive wedding. I doubt his finance will agree to what Caleb suggests. I can very much see her disagreeing because it needs to happen. When in reality most people won’t care if they have a extravagant wedding or not.
They should definitely put off getting married
Yeah because she didn’t disagree with all the things he appears to have bought her
Caleb’s inability to read spanish words like “salsas” at 9:00 is so endearing
It’s not just Spanish words, did you notice? Good with numbers, less so with reading text. But endearing indeed.
This dude is basically me.
40ish, QA Automation, likes shiny things, flits from one thing to another. Im just a dlfew years down the road and mostly out the other side of that tunnel.
I found the 30 days rule a good way to curb the impulsive spending. When you feel the impulse to buy something, write it down in a spreadshet with a date. If you still want it in 30 days, go ahead and get it. Provided of course that you can afford it in cash, not on credit.
That’s a very good and practical strategy! Even with things on “buy this now” sales, you’d save a ton.
I watch Caleb to keep myself motivated with paying off all my debt. 😂 I refuse to need to end up on the show.
I'll be debt free by the end of October woooo. 🎉
So thx for scaring me into taking stuff more seriously!
Caleb, your show keeps me grounded. Thanks so much as each of your guests teach everyone a little something.
Dude looks like Caleb brought his older brother onto the show
Should of went into competitive money throwing. Would of been a grandmaster by now.
I'm done! 😂
"I have an Apple watch and I'm still a fat F*ck" Words to live by haha
He can do this!! I was in a similar situation 10 years ago and was able to pull myself together. He’ll have to budget and once the debt is paid off give yourself an allowance and stick to it for all the hobbies etc.
My understanding of the debt settlement companies is that they wait until the account gets far enough past due that a settlement can be reached. That means that late fees and interest is added each month until the company is willing to settle or the account charges off which could take 6-7 months. Meanwhile they report to the credit bureaus every 30 days. 😬 I would recommend reaching out to the companies directly and asking if a payment plan is available. Used to be a credit card collector 😓
You're correct on waiting for the account to be past due, but the late fees and interest are a meaningless concept when the entire point is negotiating down the amount. If you have $6000 in debt, and they negotiate it down to $4000, and once its settled at $4000 you accrue no further interest, you are way spectacularly far ahead than if you hadn't used the service.
And while it is damaging to your credit in the way that you claim, its also beneficial to your credit by reducing your overall debt.
Its not at all for everyone, but Beyond saved my Wife and I roundabout $10,000 even accounting for what you're referring to. The damage done to the credit had repaired itself within about 18 months. Easily worth saving that amount money unless you happen to be about to buy a house.
Ohh good idea I got one to lower but I need several more to agree to help save some money!
@@JD-xz1mxabout to google this beyond
30% interest rate for an engagement ring 😡😡 no thanks ill take the ring pop
Due to numerous individuals overpaying for homes, even amid low loan rates, I foresee an impending housing catastrophe due to the substantial debt burden they carry. If housing prices continue to decline and circumstances prevent these homeowners from affording their properties, potential foreclosures loom. With little to no equity in their homes, even attempting to sell would likely yield no profit. I anticipate this predicament affecting a significant number of people, especially in the face of imminent widespread job layoffs and the swift escalation of living costs.
To balance out your real estate holdings, I suggest investing in equities. If you're cautious, even the worst recessions can present fantastic buying opportunities. Additionally, volatility can produce fantastic short-term purchase and sell opportunities. This is not financial advise, but you should buy immediately away because money isn't king right now!
You're right. I was able to diversify my 450K portfolio across markets with the aid of an investment coach, and I was able to use high dividend yield stocks, ETFs, and bonds to generate a little over $830K in net profit.
Would you mind providing details on the advisor who helped you? saving for a pension through a corporate program since the age of 18. I hit greater tax along the road, so I increased my company pension with a SIPP (tax benefits). I'm now 50 and would love to expand my finances more aggressively; there are a few automobiles I still want to drive and a few mega-vacations that I still want to take.
There are a lot of independent advisors you might look into. But i work with Stacie Lynn Winson and I have been working together for nearly four years, and she is excellent. You could proceed with her if she satisfies your discretion. I support her.
I located her, sent her an email, and scheduled a call; hopefully, she will reply because I want to start the new year off financially strong.
I do not understand why all these people spend so much money on doordash. It is so expensive. You can either drive down to Chick-fil-a and pay $10-$15 for a meal or you can get it delivered for $25.
It takes ordering once to realize how expensive it is to get your food that way. It’s surprising how many people choose to throw money away like this.
I spent my entire 20's with the whole live fast die young mindset with finances, and it's been so rough trying to get things back in order now. Credit cards were dangerous for me, I've got them all paid off and cancelled by this point, but man, I feel like those things set me back 10 years.
My first 5-6 years were like this, and i didn't change until 26. In a much better spot now at 31, but had i had my mindset in early twenties with being frugal and investing, i would be close to a millionaire right now as crazy as that sounds.
I wouldn’t want to have the same finances as someone who has proven to be irresponsible time and time again
She will anyways tho if they get married….mind as well call off the wedding now
This was what made me cut it off with a man id been with for 5 years. We were discussing moving in together and marriage but he was just so financially irresponsible 💀✋ wouldn't hear a word against himself.
Why did you stay for so long with a dud??
@@deirdrekiely6187 he got worse over time. It all started going down hill when his father passed from covid. I thought he was just going through grief. I wanted it to work out, he was very kind to me and I loved him. But after the long conversation about finances and moving out I was like this isn't gonna work
@@deirdrekiely6187 the first 3 years were awesome, I thought I might marry him