27-Year-Old With More Debt Than Anyone Should Ever Have | Financial Audit

[@marcellom]

Yess, I’ve been waiting for this one since your community post. The most consistent man on KZbin, thank you Caleb!

[@CalebHammer]

Thank you 😊

[@shaunmoorefinance]

Yeah you’re really producing great content. Love the format ❤

[@Bloodywasher]

Yeah same

[@jacqui5320]

He's like a mini young Dave Ramsey 😂🤣❤️ I enjoy watching

[@staceyd8397]

@@jacqui5320 a real world one

[@MadebyMarisJ]

Crazy that he’s willing to pay for a car for someone who is willing to kick him out for a roommate.

[@apjapki]

More like his sister and roommate are both on the lease and the sister hasn't even told the room mate that she has a man sleeping in the bed the room mate pays rent for.

[@Ratclan]

Yeah both the sister and brother are not responsible.

[@SuperbChicken]

That roommate definitely has no idea he’s there, or she is the one ON the lease and he is living for free and the sister has no impact. Awful situation

[@choreomaniac]

And why is the leaseholder paying rent for months while working on a different continent? Something is very strange here.

[@helenmckinley3457]

At this point, I don’t even believe it’s his sister.

[@yourethewooorst6982]

I feel like we could have had a whole video about the family dynamics at play here. Moving in with sister to protect her? Buying her a car? Buying mom a car that she rejects? I know therapy wasn’t budgeted for but my dude, please consider it. It’s one thing to be a good sibling or son, it’s another thing to be this codependent. Truly wishing you the best!

[@apjapki]

YES!

[@13ikea]

He probably feels like he owes her since she’s letting him stay with her.

[@samrusoff]

It sounded more like his mom got sick of him and told him to go live with his sister instead. He admits to it later in the video. Wouldn't be surprised if his other reasonings for changing jobs and purchases are convenient "stories"

[@jonathanmott7434]

Standard son husband..why fathers are needed 💀💀💀

[@PatricksFinanzen]

What’s the thing with Americans being mentally totally screwed? It seems like everyone is seeing a psychologist in the US and there isn’t a single person without mental issues?!? 😳

[@derek8315]

Doesn't thinking he can afford car insurance, but thinks he can afford to buy two cars for family members, makes sense.

[@apjapki]

Couch surfing

[@thunderb00m]

2+2=5

[@SamWinderlich]

He publicly admitted to wrecking his Evo while racing so insurance wont fix his car anyway

[@shaunmoorefinance]

😂😂😂

[@LewdDarling]

@@SamWinderlich insurance rarely covers blown engines but sounds like full coverage would have taken care of the outlander

[@rhythmtapper]

PLEASE do an update on this guy next year. I hope he gets his momentum together. And, as always, thanks for your videos. I always learn from them.

[@Dre2Dee2]

Hell never come back, his life is over. Spineless people dont ever go anywhere

[@xxxllloorpoopypants3687]

Am I the only one who thinks he cash apps his weed dealer

[@user-pj6oc5gy2q]

Your wish has been granted.

[@Tib1010]

​@@xxxllloorpoopypants3687 that makes a ton of sense 😂

[@Daidainj]

I’m so rooting for this guy he drove 17 hours to get help from Caleb .. like please I hope he takes the advice and gets the help he needs ❤

[@ciscom5036]

Yeah he’s not going to take the advice. He’s gonna go back home and weed and stay in debt the rest of his life.

[@ericahoelscher3733]

17 hours with no auto insurance. 🔨🔨🔨

[@turtleanton6539]

I hope so to😊

[@imwithstupid086]

I hail from the future! Hate to disappoint you, but he's a total letdown. He has no desire to fix his shit at all.

[@razorx40onxbox4]

This aged like milk ☹️😭

[@AaronTheImposter]

You have got to start explaining to people the time represented by their money. $160 late fee is approximately 6 hours of work at his $55k job. Late fees take almost an entire 8 hour shift to pay off. That's ridiculous

[@Ryan83728]

exactly, like when people make $12 an hour and consume $20 worth of snacks/nicotine/drinks during their shift

[@alladreamwedreamed]

Great point

[@dylanstanton4177]

I reason my purchases in the number of chipotles I can exchange it for, as a factor of my hourly rate. It’s gotten me this far! 📈

[@vchafab]

That is how I look at everything. If I want to buy something, I compare it to how many hours I would have to work for it. This really puts it in perspective and I usually do not end up purchasing the item.

[@grace.1123]

this! and also would be good to go over the positive side as well. for example in january i moved some of my savings from a regular BoA savings to a HYSA and i earned $23 in just interest from my account - for some people who might make $7 working minimum wage in some states that’s literally like 3 hours equivalent of work that your HYSA just earned for you. edit: also want to add the $23 is obviously based on how much is in your HYSA but once you have a bit saved up then your money really can start working for you instead of the other way around

[@ColtNomad]

Can we have a heart rate and pressure monitor hookup to see how stressed Caleb is during these episodes. We might need to have medical professionals on sight in case these guests give him a heart attack or stroke.

[@kathurtado13]

😂 😂 😂

[@SpoonHurler]

A nurse in a hammer mascot outfit

[@joshrepik]

Honestly an Apple Watch would probably do at least the pulse lol

[@killakam123321]

Lmao ik my heart rate increases

[@dachicagoan8185]

He's going to get a heart attack soon lol

[@Annonymight]

I think Caleb should collaborate with a clinician like Mickey Atkins because honestly...some of these conversations aren't even about money. This level of dysfunction is beyond budgeting. He'd probably be struggling if he made 200k because he'd just find more cars to buy and more people to support. This feels so overwhelming. Thank you for your vulnerability.

[@bensheard3969]

Some people live the trainspotting lifestyle where they are constantly pursuing a high and can't stop because they have to address some serious psychological problems.

[@indianaknight7610]

Yes absolutely!

[@bigasspockets]

I second this!! That would be amazing

[@Darkpara1]

Saw this guy in the parking lot after the show. He bought me a 2017 Ford Fusion for 37% APR.

[@TheChiefSteel]

What I enjoy so much about this channel is watching Caleb making a detailed plan at the end and knowing that not one item will get taken care of.

[@ianmuir3640]

Not all of them

[@cassiea13245678]

I would be surprised if he even got rid of one car

[@disneygirl8694]

Lmao I love seeing the follow ups bc it’s a mixed bag. Personally, I would only apply to his show if I actually was ready to give up some of my vices 😂

[@PascualSmith]

@@disneygirl8694Lmao same… “WTF is this 300 weed budget a month!”

[@Phoenix11720]

​@@disneygirl8694no more disney trips

[@AC-vu3mq]

the fact that his sister agreed to him taking on her car loan is actually insane!! i would never let my sibling do that

[@antoniohinojos3808]

Its okay, he was making "good money" 60hrs at $19/hr 😂😂😂

[@theskyizblue2day431]

Both of the women in his life obviously just use and abuse him. Typical females in the fam

[@KitKat10281]

​@@antoniohinojos3808ok money, terrible hours! Lol

[@zachwilliamson13]

This is simultaneously the funniest and most stressful episode yet. When he said he got his mom a car too I died lol.

[@georgelin8498]

Then he said his car was blown up and his “moms” damaged

[@taytheegemini2986]

Acting like Oprah 😂

[@KeiferKif]

Big ups to this dude for going through this public humiliation for his own good and our entertainment

[@turtleanton6539]

Yes and also important finansiella information 😊

[@cindylara8269]

I’m rooting for this guy. You can tell has good intentions and just needs some direction. One day at a time. You got this

[@Pittigpiertje]

Bit of a clown, dont think he will be fine.

[@Scott-got-caught]

Forget good intentions. He needs INTENTIONAL ACTION

[@bigbay1159]

Intentions mean nothing...

[@Arvord]

Yeah I guess anyone can change but he needs to put down the PlayStation and pick up a book. He’s really dumb

[@tear728]

Dude is 83k in debt. And a blown engine for an Evo is probably another 10k with installation. And he'll never get 30k for one with a blown engine. His work schedule is like 75 hours a week to make 72k take home. He could probably do it in 3 or 4 years without paying rent. If his sister pays the car, that's 20k less of a burden but that would shave off less than a year. So 3 years of working 75 hours a week. Gonna be rough

[@masqueradinglampshade4369]

This guy is evidence that if you are too generous (even to a fault where you hurt yourself in the process), there are people in the world who will take advantage of you. Strive to be generous, but never too generous. I have a friend who is the nicest guy you'll ever meet. Would do anything for a friend in need. His girlfriend realized this from the start, and has routinely taken advantage of that generosity over and over again to far extents. Sad.

[@Dre2Dee2]

Theres nothing nice about being someones punching bag

[@taylorschleusner]

Yup you’re right. Generosity can help the world sooo much and is such a virtue, but generosity is a net negative if you can’t help yourself first.

[@dylpicklethebugslayer]

I laughed so hard when Caleb said: "are you gonna buy me a car before you leave?" Hahahahahahahaha This episode was EPIC, props to the guest for seeking help and Caleb for providing it like a dad would.

[@nenavice9903]

"i'd like a tesla pls🫣" I FELL OUT!! 😂🤣😭💀⚰️

[@Wonderlaust]

EPIC 🤣🤣🤣🤣🤣🤣💯💯💯

[@JustOnePageAway]

Me toooo😂😂😂😂😂

[@trishconcepcion1623]

It's difficult to gauge the situation he's in with his sister without hearing her side. I get that for a lot of people, it's difficult to separate their finances from relationships with family members. But if I were his sister, I'd feel so guilty to be contributing to his financial struggles.

[@augustek5382]

Right. I am wondering if the sister exists. And if she is a student she can at least work on campus. Maybe she is too cool for that tho? Lol.

[@yourethewooorst6982]

There’s something messy going on in this family

[@frumpusnumpus]

​@@yourethewooorst6982 it seems that way. Looks like he has assumed the role of 'man/head of the family', and he is way too young and too broke to be in that position.

[@trishconcepcion1623]

@@frumpusnumpus Agreed. At least the mom had enough sense to say "no" to the car he was offering.

[@apjapki]

​@@augustek5382 Exactly

[@Mr21Lashes]

This guy doesnt go a day without making a bad decision, holy shit.

[@PremusRed]

Like an acid trip of bad decisions, it just kept getting worse. Totaling multiple cars and driving without insurance, my god. This guy is on the roads, waiting to ruin your family with his driving.

[@PremusRed]

@Tymon Dąbrowski haha I think we both would agree him racing on a track is highly unlikely.

[@justinebailey5333]

😆😅😀😄😁😁😬😭

[@chinbosschinboss2484]

It's not completely his fault the women in his life are ruining him.

[@turtleanton6539]

Ooof yea. I think bad mental health. Possibly even self sabotage 😮😢

[@guzzy0z]

Hey Caleb for people who make less then 50k the USPS is drastically understaffed in many areas across the US they start at $19.33 an hour. Overtime at $28.99 after working 8 hours a day and after working 10 hour in a day penalty pay at $38.66. my office is very understaffed some new employees work 60-70 hours a week 6 days a week making over 70k a year.

[@milkflavored]

Good looking out!

[@richyoung4051]

i work at costco and make 70k a year working 40hrs a week. you top out at 30 an hour and sunday is time and a half where you make around 44 an hour. it takes 5 to 6 years to top out. you start at 17 and get raises through hours worked

[@jumhed994]

Americans work too much.

[@justyeeeeeetit]

​@milkflavoured plus it counts as a government job so you get early retirement I believe

[@Boc3phu5]

Nice. I'll look into it.

[@niviad4497]

He’s looking after people who aren’t taking care of him. He’s got a big heart and his own clan is taking advantage of him. 😢

[@taleof2poes]

I just wanted to say thank you to Caleb and all the guests he’s had on his channel. Listening to these videos, multiple times a week, makes me regularly think about my finances.

[@myyt3824]

@@JanoyCresva no, these are very real. Even the ones that seem ridiculous. People are literally just this clueless.

[@shaunmoorefinance]

They’re definitely real. They’re great.

[@Theblacklibtard]

I’m going to be honest if the sister wanted to take you to small claims court. She technically would be able to win a settlement. If you really did tell her you would make that payment.

[@conceivebelieveachieve9653]

​@@Theblacklibtard oh no ! Even though it's in her name ? 😬🏴󠁧󠁢󠁷󠁬󠁳󠁿

[@Theblacklibtard]

@@conceivebelieveachieve9653 yes that’s not how law works. Depending on the state, technically, they had a legal verbal agreement. So she could come after him for some damages, if she really wanted too.

[@AlcianBlue8]

Making $19 an hour and gifting your sister a $19,000 car. That's clinically insane. Wut?

[@briannewman9210]

And then trying to gift mom a car too.

[@jaredwii123]

Making $19 and buying 3 agency cars shouldn't be allowed lol

[@laurieanderson2756]

Yea im so confused! I put down a $11kdown payment and make $1100 at least a week and still some banks wouldn’t finance me for a $30 k car. I also have excellent credit, I just have paid cash for cars in the past so haven’t had any car loans in my name so that made it hard. I got a 4.9 int rare. I’m surprised he ever got in the the 8% and not more.

[@turtleanton6539]

Yes🎉

[@almostatami]

When he mentioned that third car I nearly threw my damn phone. Also I love my brother to death but I'm not carrying his debt just cause. That's insanity. But I hope the world for this guy. Jfc I really hope he stays diligent.

[@SpoonHurler]

I choked on my coffee and yeah, I'd do a ton for my little sister (I even bought her a $1200 car at a police auction when she was leaving for college) but I ain't financing anything for her ever.

[@dachicagoan8185]

I almost punched my tablet

[@thunderb00m]

I was ready for a whole fleet after that.

[@shaunmoorefinance]

Yeah I couldn’t stop laughing at this at times lol

[@AlexSchlesingerOfficial]

There is no easy answer to the question of whether you should help a family member with their debt payments. It comes come down to what you choose to do on a personal level.

[@CoronaryArteryDisease.]

I hope this man is able to recover. I can tell he is completely crushed and numb due to this. No way that this is easy, but he HAS to do it for his own sake.

[@chabenbuddy]

I just got my tax refund (Canadian - $5K) and I paid off all my credit card debit and am now starting to build an emergency fund and my first thought was - Caleb would be proud lol. Love this channel and the financial insight it’s given me!

[@anousenic]

Awesome! That's the way to do it :)

[@adamseidel9780]

I’m constantly in awe of the major life decisions people make without thinking for the dumbest reasons. Mom is scared because Sis lives in an area with growing crime and has been a target of crime… so naturally the brother should drop his life to live across the country so he can also live around the crime instead of her moving elsewhere where it’s safer, or everybody keeping things in perspective and staying put. Moving into a place when you have no idea when the roommate is back. Crazy.

[@superbigblack]

Exactly online classes don't exist in their reality.

[@natecus4926]

@@superbigblack it’s because a lot of times people do college for the college experience, not to get a degree that will help in the future

[@bensheard3969]

Same with spurr of the moment paying for his sisters loans. That's a serious decision that involves more than just throwing cash down like Tony soprano.

[@Sickwitit18]

​​@Thomas B for real this is the dumbest fkn family. Seems like there's no father figure and this mother isn't the type of independent high achiever who can teach them how to be smart with money (and other life things.) Not saying all fathers can either, but that's just what I'm predicting this family is like

[@sauercrowder]

I suspect the move was not really about protecting the sister and either it was so his sister would try to look after her disturbed brother, or because mom didn't want to deal with him anymore

[@chickensquishy123]

I feel so bad for Caleb when he begs people "I need to know, exactly what you'll do" and they go "yeah yeah I'll follow you're advice" and he says "will you really?" only to hear "oh yeah for sure... except this, this, this and this. I can't possibly do that". I mean it's incredibly understandable and human but it's just hard to watch.

[@soapa4279]

Sadly the one follow up videos I watched, they completely ignore his advice and do whatever they want anyway. Largely wasting Caleb's time and energy, but I guess great for his KZbin growth.

[@Sunday-ex7px]

@@soapa4279 I mean he may not be helping the people on the show but hopefully he is helping all the people watching. I know he’s helped me.

[@soapa4279]

@@Sunday-ex7px You know what that's a good point, the takeaway is that at least it helps the viewers and people who support his channel. I subscribed to him when he was around 10K subs I think? And glad his platform grew to bring more awareness to the everyday person juggling their finances, and see tons of examples of what NOT to do. lol

[@whasian2007]

I think he’s just been burned too many times. 3 of the 4 people that had an update were just as bad if not worse and the 1 that did better I think would of done better anyways with or without the help. I think Caleb is getting to the point where he doesn’t believe any of the people will follow the advice after they leave

[@chickensquishy123]

@@whasian2007 yeah I do think a lot of these people wouldn't be in these situations if they were capable of implementing changes. I have faith in Caleb though, he's only just turned 28, he's too young to be jaded 😂

[@cjk2161]

Nice to see a person with a normal job and not another IT worker who makes 100k a year. More of these types of people please.

[@rootuser5027]

Have we been watching the same series?

[@mattseely1862]

@@rootuser5027 Yeah, it seems like 90% of the guests are in the 15/hr to 60k salary range.

[@mackeejack6731]

This dude somehow landed a $55k job that doesn’t surprise you

[@nadinedevich]

Higher income situations are interesting too. Also seems like Caleb could use a break from this kind of heartache occasionally lol

[@Nathan-en9dn]

@@mackeejack6731 Ya but it is salary at a restaurant. He will be working 60 hours a week minimum. It's also up north where average salary is about $53,000 in MN.

[@KatherineKuehn-Bao]

I live in Minneapolis and it's very public transportation friendly. The sister does not 'need' a car for MCAD. If she needed to pick up a gig, Nicollet aka 'Eat Street' is like 1 block away. plently of part time work to pick up.

[@Treesloan25]

He's got a good heart and drove all that way to get advice from Caleb, really wishing this guy the best. You've got this!!!

[@lukeoffen7335]

Caleb you need a success story to cleanse our souls of all these horrible financial situations that have been in the channel recently

[@beefy45]

Sad part is the majority of his videos are actual representations of the real world

[@18aplateindoors]

That don’t get the views and most people doing good don’t need a audit..and one step further anyone making real money doesn’t want to expose everything on YT lol.. taxes and ducking taxes as much as possible is a full time job itself

[@lmelior]

@@18aplateindoors I'm really hoping for a success story from his previous audits

[@Tyler-lr6fq]

Probably pretty hard to find interesting ones of people who have a reason to get audited and would benefit. I feel like most success stories are boring. Most of them probably are the combination of reasonable expenses and high income. I feel like my audit wouldn’t be too interesting, and out of touch for many people. You’d have to get someone older who has made it through serious struggle and come out on top, without relying on a huge income

[@18aplateindoors]

@@lmelior I always hope for success but I’m a realist… there’s a reason there her to begin with

[@jay_boogy21]

This guy was pretty foolish with all the car loans. But it should be illegal for banks to keep financing these loans and allowing them to pile on with no chance for the buyer to ever pay it off.

[@jay_boogy21]

@@smartfella221 and the dealerships will just keep calling different banks until one says “heck yeah, we’ll finance this guy with two other car loans and not earning enough to pay his debts. All we need is 17% interest.” Vultures, praying on vulnerable people.

[@soapa4279]

@@jay_boogy21 in my younger stupider days, I was on unemployment after a company wide layoff, I wanted to start my own car detailing business but needed a pickup truck. A local Toyota dealer KNEW I didn’t have a job, but found a way to get me financed. These car stealerships will find every possible way to sell a car and find a loan servicer.

[@jbmillard]

Yeah, that's what we need, the more government involved in lending. No thanks. Why can't people just be responsible for themselves?

[@Mike65707LP]

@@jbmillard Found Sociopath

[@jay_boogy21]

@@jbmillard what are you even talking about? The government is clearly barely involved in regulating consumer debt, as evidenced by Caleb’s video. And I can’t imagine the financial counseling at the time of the sale was even that good - this is a 27 year old guy that is not a finance expert who was likely manipulated at point of sale. I’m not letting him off the hook - it was dumb. But the financial people involved are bad actors.

[@brimmed]

It's freakin crazy how different everyones life is. Guy has no problem slaving away in a kitchen for $19 an hour 60 hours a week to pay his sister's car. I could never imagine doing that, and I could also never imagine someone else paying my car loan

[@NewscasterNews4]

Dude is a walking advertisement for “work smart, not hard”

[@theskyizblue2day431]

I think he has some childhood trauma, abuse by the women in his family, low self esteem. Some type of addiction, probably brain melting amounts of weed carts

[@Supermoneygang12]

For his sister who’s going to kick him out of her house*

[@therunningpeso]

I have not been able to stop watching these audits for the last two months. Thank you for this super informative and entertaining content your pushing out

[@qtgrlhl]

Sounds like sister needs to grow up and pay for her own expenses and not expect her brother to save her. This family has some weird sense of obligation. Also, people who endanger other’s livelihoods by driving without insurance are so messed up.

[@apjapki]

YES!

[@Elena-er7zp]

my guess is there is no father and this guy feels obligated to fulfill that role

[@kristentrohkimoinen]

That's half the state of AZ

[@nonyabidness6492]

She's going to art school, she probably has more debt than him

[@bensheard3969]

She's a young woman going to art school. even if she knows he's right she's going to have him on the ropes to try and guilt him into maintaining her life.

[@beekiebookie452]

I think he can do it if he realizes that if he gets out from under his debt - THEN he’ll be able to help his family in the way that he wants to. Kudos to him for driving all the way there to get some advice. That was the first step and a lot of people wouldn’t be brave enough to do that

[@haggishighways]

The situation where his mother pressured him into moving in with his sister to help her is pretty similar to when I was pressured to help my cousin pay her bills. I was only 17 at the time, put me years behind others that were properly supported by their parents. I'm 28 now and living well but damn, that was a horrible time.

[@hanspz5505]

These people seem to have a common theme of being taken advantage of

[@AdaireKrickets]

​@hanspz5505 It's easy to trick young people into giving up the best years of their life. They don't understand the value yet (probably because many can't see their future and have little direction).

[@hanspz5505]

@@AdaireKrickets nah I mean by their close relatives and partners. But I totally agree with you and if that’s what you meant I’m sorry haha

[@AdaireKrickets]

@hanspz5505 Yeah, sorry, that's what I meant. Families are the worst about screwing the younger folks. I've seen parents take loans out on their kids name and default on them. It's insane!

[@hanspz5505]

@@AdaireKrickets I would never talk to my parent again if they did that to me. What the actual f.

[@Emersynhix]

The fact that he drove cross country with no insurance makes me nervous. He can be put in jail in some states for that

[@amyeastman8764]

It’s state law in Minnesota. But this guy makes the dumbest financial decisions so…..

[@adamkrasuski862]

One day we will get a Hammer Financial Score of 8+. Today is simply not that day.

[@themagicbread94]

I can’t imagine many people with that good of a financial situation would sign up for this. What would be the motivation besides telling the world how well you’re doing? Considering Caleb is pretty limited on the investing “(not) advice” he is able to give out, it would probably be a pretty short video I would think 😂 I’d be interested to see it though!

[@CalebHammer]

I think Jack was!

[@laylow9o965]

@@CalebHammer I’m a 8+ and I’m just a stupid truck driver lol

[@Tanya_Offscript]

@@themagicbread94 you”d be surprised how many people would love to show off how smart they are, don’t discount that!

[@TheSecularMinority]

​@@Tanya_Offscript me tbh...lol

[@devonforsure260]

Caleb is like a pastor who forgives his guests of their financial sins 🤣. Love it

[@TheGermanXWig]

Forgive me Caleb for I have sinned. I swiped a credit card I'm currently holding a balance on.

[@margostarcruiser1083]

Amen!

[@Dice-Z]

​@@TheGermanXWig Legend says you will even be forgiven for maxing out a dozen of credit cards

[@Dre2Dee2]

Well hew in financial Hell thats for sure

[@zacharysherry2910]

Now I'm imagining pastors yelling at people for their sins lol

[@voidliving6922]

Lighting yourself on fire to keep other people warm is not a good trait to have 😭.

[@LLTrades]

Great analogy.

[@voidliving6922]

@@LLTrades it’s definitely an older one but it is complete applicable here

[@Jajaky]

Dude should honestly just declare bankruptcy. He’s light years away from even thinking of building wealth anyway. Just wipe the slate clean. Literally can’t get any worse

[@voncoluted]

This one actually made me so sad. I don’t think I can keep watching sad ones like this. I really hope he figures out his situation.

[@duncanboard9452]

I find it hard to feel sad. Take responsibility for your financial situation

[@adamaumiller1144]

Honestly, it seems like you could, if you’re knowledgeable Caleb, do a standalone episode on car purchasing. Bring up aspects like shopping around for interest rates, how to financially plan for it, the benefits of doing quicker payoff loans, finance vs lease, ect.

[@superbigblack]

I think I could guess what his advice would be. If you don't have 6 months saved for emergencies and maxed out Roth IRA and you're not debt free buy a used car for less than $10k cash only (he's given this advice a lot to guests). Once you have no debt and you're maxing out Roth and have 20-30% of pretax income being saved for retirement then you can get a new/leased car that won't make you have to save less for retirement. The car should cost max 1-year salary. He would advise you to pay cash for the new car as well or a big down payment. Oh and don't buy unless the interest is 4% or less

[@superbigblack]

And the 6 months emergency fund would need to include car payments as well.

[@OveranalyzingEverything]

Simple. Don't finance a car on a crazy interest rate and buy second hand not from dealer

[@genxx2724]

Marko at Whiteboard Finance teaches how to buy a car. He used to be finance manager at a “stealership”.

[@westcd]

I've seen Caleb panic before, but this time I was feeling it. Wow. Good luck to that dude.

[@TheBullyDisciple]

When he mentions he has a 3rd car and Caleb has a cardiac event 🤣🤣

[@SpoonHurler]

I thought we were about to lose Caleb for a second... even I choked on my coffee when he didn't say the third auto loan was a mistake.

[@CycleBreakerDragon]

Dude... from a LOT of experience.... you have a kind, generous heart and a total lack of boundaries that would keep you safe from yourself. Seek counseling/therapy at the same time as paying this debt down. You gotta get some rules under that belt, homie.

[@cloudsurfer420]

Dude seeing these videos are a major wake up call, honestly helps me save alot more. Very realistic and honest opinion on saving

[@pauchopkins12]

I’m only 8 minutes in, but I think I heard him say that he was shorting stocks. But his explanation was that he was waiting for them to go up by 5% and then selling them. Caleb should have stopped him right there and pointed out that the kid has absolutely no idea what he’s talking about.

[@I_NoahGuy]

Not to mention you have to pay short term capital gains tax every time you sell, so his profits are truly going to be minimal.

[@chase4397]

One of the things I appreciate the most about Caleb is how deep he drills into the guest’s situation to help give them some perspective. This guy was being vague about his living situation early in the video and Caleb immediately asked 5-6 follow up questions that I was wondering myself. I can definitely see improvement in your interviewing skills since the early videos, keep it up!!

[@AmyJLiang]

Yes! He is very intuitive and knows when and how to dig if he needs to.

[@ChristieColeman-uc5dd]

lawyerly.

[@TheFlowerQueen]

Thankfully I've never been in the same situation as half these people, but watching this show makes me realize I've been complacent. I've now started prepping more meals, limiting eating out, and getting rid of impulse purchases. Gonna get that nest egg all nice and cozy 🥚

[@jennyt7612]

Interesting that the sister is able to go to college but doesn't find it downright strange that her brother gifts her a car she must know he cannot afford. Sounds like once he says he won't / can't pay for her car any more, he will not be able to stay with her rent free any more!

[@Allinmyworld]

This is so sad and hurts my heart. He's giving him real help here. Keep your head up brother. Your work ethic will get you on your feet. It takes time to get out of the hole you have but it takes time. I hope this guy comes back with an update

[@CobaltLobster]

Bankruptcy. 2 broken cars, one he doesn’t even use. Massive credit liabilities. Collections. Tell Sis, “Sorry, I done f*#^ed up.” That’s the only way out of this with any grace. He is not going to budget out of this.

[@randaray24]

This sweet fella was just clueless when he dug himself in. Needs a path forward and just needed to be assured there is hope. The kid drove all the way down there for hope. Now he has a path!!! I just so dearly want him to make it. 😢❤

[@trailertrish]

ive never seen a credit card w over 25% so his 30 something % was like 😳😳😳 he prolly didnt even look at that and calculate that when he got em, he prolly just thought, i need a credit card so i can delay paying for xyz, but didnt consider how much hed REALLY be paying for those purchases when u add the interest. 😔

[@jant1213]

In Minneapolis, public transportation can get you almost anywhere in the area and is going to cost much less than gas and car insurance. 31 day pass for all rides for $120. By all means fix up the cars, but you could sell both and take public transportation until you're in a spot to pay cash for a used car.

[@justlooking9831]

This is brutal. He seems like such a sweetheart for wanting to care for family but oh my god!

[@HACIDSOUNDS]

The thing about being a sweetheart like that is you get taken advantage of very easily and it’s hard to break out of that.

[@Scott-got-caught]

​@@HACIDSOUNDS he's a simp who needs to grow a pair

[@papabear2515]

He needs co-dependency treatment!

[@icelandic_mughal2223]

More Money does not solve any underlying issues, it only exacerbates the problem.

[@charlyloh2656]

I'm from germany and constantly in awe of everything you discuss in these videos. Even though you can't apply all of it to the german financial system - the advice you give is gold!! Keep up the great work :)

[@jvolstad]

Where in Germany?

[@officerahmo]

How's the german financial system different?

[@Bantallas]

@@officerahmo Ok, this is going to be longer than expected, third edit. Where to start? There are mandatory insurances for most employees: pension, unemployment, health, care, accident. premiums are calculated on a percentage of income. The employers has in general to pay half of that. And he makes the payment, so the employee only has to say where his/her insurance is. Tax on wages are payed from the employer (not by). The employee doesnt get to touch the money for the state, so pretty much impossible to get behind on taxes. There is no 401k or roth, but tax deductions for certain insurances. First 1000 Euro (2023) you receive in interest is tax free, but you cant roll that over to the next year if you dont use all of it. Rent is cheaper, but you cant compare that to the US directly. Ulitilies work differently.

[@potato1084]

@@officerahmo It’s very different. The economy isn’t as heavily reliant on consumerism like the US and rely more heavily on exports and manufacturing sectors. It’s partly why their economy is doing better atm.

[@nomadisch]

I'm from the Netherlands and now live in the U.S. It has been mind boggling for me to see how people handle their finances. A lot of it is definitely "the system"; lack of laws that protect people with low income, healthcare being treated as a "benefit" that is tied to your job etc. But a lot, if not most of it is really just the seemingly inability of Americans to just be happy with the little things in life and having to spend everything they have + their future earnings on dumb consumerist junk.

[@racheldavis4356]

You got this Paul!! Checklists help me when I’m feeling overwhelmed or disorganized. It’s a good feeling when you get to check something off the list that you’ve worked hard for too. Good luck, you’ve got this!!

[@michaelslifecycle]

It’s amazing how predatory these car dealerships are. They take advantage of people that don’t know what they’re doing. I remember a friend of mine told me that she bought a car that was worth about $5000 for $18000 from a dealership just because the guy told her that was what it was worth

[@13ikea]

I wonder how he was even able to get approved for 3 cars

[@frankenvonstein3386]

thats on her for not looking into it.

[@michoacan55]

​@@13ikea he did not get approved on 3 car loans. The loan is in his sister's name

[@youtubename7819]

@@frankenvonstein3386 but isn’t it crazy how if you lie to rich people (investors/ boards of directors) , you go to jail, but lying to poor people is A OK?

[@frankenvonstein3386]

@@youtubename7819 well i mean everything with loans is right there in writing and for the price of a used car can it can be listed at whatever even if you don't agree. I dont agree with people making up dumb numbers but it's not much different from a private sale if someone racks up the price. Always have to do your own research before committing to anything.

[@JD-qo7hm]

People like this make me feel better about whatever situation I might find myself in.

[@Arielleoo]

Sending this guy so much love. You’ve got this and you will come back stronger and wiser after overcoming this

[@Gavo172]

Thank you for doing this series, I'm in a pretty fortunate position in my life but still am working out of some bad habits and learning more everyday on how to improve. This is helping a lot. That being said, please make sure you meditate or something lol, I'm stressed out of my gills listening to this I can't imagine what it must be like for you

[@hab28]

Getting his "dream car" at 27... Those dealerships sure know how to make a dream a reality 😬

[@devonforsure260]

Hearing double digit interest rates just makes me shriek on the inside

[@christopherbownes494]

My guy got his dream car at 20. Worked out for him though.

[@soapa4279]

And then proceeds to blow the engine on the dream car, and still having to make $1,000 payments on it. What a dream

[@dachicagoan8185]

Car salesman know how to get naive people to sign the dotted line

[@jadeblackwell6227]

My cousin bought a BRAND NEW car making $12 an hour 😂 now she is asking her mom to help pay for her car payments.

[@stickmanbrains]

I just want to say thank you for your channel which has gotten me conscious of my need to budget and has gotten me a begining in financial security.

[@floppercosplay5262]

When im having a bad day i watch this specific video and suddenly I feel better😊

[@yoanaaguilera7750]

“I am about to destroy your dreams” 💀. Caleb is the best 👏🏼😂😂

[@bubbadiesel4961]

Such big props to both...Caleb for doing what he does in helping these people. For sure for the people for letting it all hangout! Freaking wild! I hope all these people end up making adjustments and start killing it in life. Have a great day to everyone and much love from texas!

[@MysteriousToe]

It would be cool if you did a mini side series “ where are they now” typa thing to see if they have progressed or listened to what you’ve suggested.

[@ladyluck7534]

Him: I'm not materialistic Also Him: $80,000+ in materialistic debt 👁👄👁

[@Sickwitit18]

This guy needs a parent. Even if he was at $120k a year he'd find ways to spend all of his money. He needs constant guidance until he's ready to be out on his own, it seems like he wasn't taught how to do any of this real life stuff (mainly basic budgeting). Makes me really appreciate my upbringing

[@FableCountry]

Agreed. And his mom isn't being a parent. I feel for him

[@meganilyshay]

You know what, I’m rooting for this guy! He knows he messed up. Rooting for you!!

[@JMAN11ization]

As someone that works in finance watching these vides is entertaining as well as down right frightening

[@azngnslngr]

I think it's time Caleb makes an extremely needed* financial basics video.

[@xena188]

I'm living in Europe but I find your videos very useful! I'm debt free thankfully with expenses under 2k a month all inclusive. This is in part thanks to you and reddit lol

[@jackiep594]

I appreciate how diverse this show is - financial struggles hit us all and I think we all need to a reminder of how quick we can spin out

[@emilywilson3822]

I can see on both their ends how difficult this situation is. I'm glad Paul was able to talk to Caleb! All someone can do in this situation is ask for help and advice. It's hard to work two jobs everyday with no break but hopefully he will be able to manage it in a healthy way.

[@capincrunch1184]

Caleb I know it’s hard knowing it’s hard to break these people out of debt but ever since I’ve started watching these videos I have started paying off my debt and spending less so at least it’s motivated me to dig myself out of my troubles before I let them get this bad 😂

[@Shikaz00]

I live in Finland and our financial system isn't the same as the US, but it's still very entertaining and helpful in some aspects. Credit cards aren't used that much here and not the same as the US. You can get "quick loans" and finance a purchase, these usually comes with high interest rates and are more common here instead of credit cards.

[@caymanchristopher7014]

“I’m not that materialistic”. Spends the hell out of every penny. This is another weed smoking, every thing gwon be alright guy.

[@chrispaul1117]

Torch a bowl 🥣 🤣

[@Ryan83728]

its because they dont "own" anything thats nice and maintain it, because their money goes to consumables and some parts of their lifestyle is very "poor" . I used to be like this until I realized you can buy something expensive if it lasts for years. Like a nice pair of $200 headphones that last years vs 10 frivolous $20 purchases that seem like no big deal at the time

[@djtheman9]

This is my first time watching one of these videos and this situation seems like a therapy problem even more than a financial problem. Objectively this guy works his ass off. He drove 17 hours to get his ass chewed. It’s not a working problem. Bro is fully capable of dumping water in the tank. But it seems like the holes created by the anxiety are the determining factor in the continuation of these problems. Therapy was the number one contributor to my financial stability. Being able to consciously observe my behavior, and not shame myself for it was what gave me the runway to do the hard things. I’m rooting for this dude. He obviously has a big heart, and it will be amazing to see what that big heart will do when it’s not held back by all this debt.

[@gimgoo9566]

“i don’t have car insurance”, “don’t tell anyone” *announces it on a public platform*

[@wordman3624]

Oopsie!

[@gregsteed870]

sounds like he's better off declaring bankruptcy. His situation is unbelievable.

[@joshuajennings1472]

"I don't spend money" - 50% of income goes to cars

[@leonardyoung5626]

I hope he gets this done, its insane to be under this stressful debt. he GOT THIS..just DO IT bro

[@akil2746]

He is a mess. Imagine him making 19 dollars an hour walking around gifting cars like he is a rich retired grandpa.

[@LEMATTOFFICIAL]

Ahhh this thing hits home! This is a leason in giving. Look, one thing I learned in life is that trying to play savior when you are not in a position to take care of yourself will only harm everyone involved. Be honest with yourself and your loved ones and take care of YOUR things first. Flourish abundantly before you start playing Santa. The real ones will understand.

[@marissapalmer5866]

I genuinely feel like he is a good person I hope he succeeds and is able to follow through on the plan. Also if your reading this your sister will be ok it’s actually the best thing you can do for her is getting her to take responsibility for it on her own. She will feel accomplished and will be able to learn a good financial lesson and ultimately it will build character and she will be a better person and will appreciate everything you have done for her so much more when she has to take the payments into her own hands.

[@M1R00TJ3]

i dont really understand why people cant just buy an older japanese car straight up, wont break down on you and you wont drown in fkn debt

[@TheGermanXWig]

I'm always blown away by these people making 15-20/hr buying brand new cars. I make 6 figures and our family car is a 2012 Honda Odyssey that we paid like 12k for. I don't feel like I can afford a brand new car.

[@stefanie1405]

i’m just so confused on how his car is 8 years old and cost most than 30k? these dealerships taking advantage of people seriously

[@TheGermanXWig]

@@stefanie1405 The Evo is a tuner car and is a fairly desirable car. KBB has it at 28k now. I could see a lower mileage/cleaner example going for slightly more.

[@M1R00TJ3]

@@TheGermanXWig exactly... it is just dumb in my opinion, i mean i am a car enthusiast and i own 4 cars but they are all old, 1987 and older, and the most expensive one was not even 5k

[@M1R00TJ3]

@@stefanie1405 yeah it is one of the more populair cars in the car scene and pretty sought after, thats why it is so expensive. the funny part is that it is notorious for blowing up the engine

[@ariwilliams130]

Hey Caleb! I love your channel and all you do!! I have been able to pay off my high interest credit card and I'm thinking of using it for a little bit to help improve my credit score. As a 21 year old you're definitely helping to financially educate me and my generation

[@CalebHammer]

That’s incredible!

[@Hotcoffeepls]

I'm comfortable with my financial situation right now, but always looking for small ways to improve it! Watching your videos encouraged me to better track my wants spendings like Uber Eats and Amazon, and to cancel a few monthly subscription I definitely wasn't using for my money's worth lol. Thank you!

[@gsav7886]

Crazy how much you've grown. Been watching since 30k! Love watching how the quality increases with each episode.

[@truthhurtts]

It’s crazy how Caleb will never run outta these videos to an extent for content. So many people need financial help nowadays it’s insane. Commenting for the Yt Algorithm Pt.85

[@iamlyncs]

I've gotta say, the consistency Caleb posts is the consistency I now think about my finances and savings. Because of this I've naturally seen a bump in my financial confidence and ability to save. Thank you Caleb for all you do, been here since 30k and the growth is amazing. You deserve it!

[@adrianrodriguez4765]

Listening to these videos has helped me start fixing my debt appreciate these videos

[@PBMS123]

Just FYI Caleb, homeless can mean a lot of different things, and is defined by governments as someone who doesn't have a permanent place for themselves to call home. Living with someone else can still be homeless. Homeless doesn't mean "Living rough" or living on the street.

[@AnonYmous-UserNotFound]

I spent over 2 years staying with different friends and family (paying board- cheaper than rent), air bnb etc with my belongings stored in multiple places as well as my car, to save money for my first home (move in date kept being pushed out due to construction) and I felt ‘homeless’ as I was figuring out each extra month where I was going to live. It was a hugely stressful time, though I recognise my situation comes with privilege too. Having a home base where you feel safe and settled is so important.

[@PBMS123]

@@AnonYmous-UserNotFound 100% I'm sorry you had to experience that, and yes that is a form of homelessness, couch surfing, staying in hostels etc. And at least in Australia I know, you would be counted statistically as a person who was homeless. I hope you're in a better place, and you have somewhere you can call home now.

[@AnonYmous-UserNotFound]

@@PBMS123 thank you and yes I’m living in my home that I ‘own’ (with a mortgage now). The sacrifice (being super frugal and moving around for over 2 years) was worth it to now own my home 😀

[@Defebwar]

Oof, that's rough. Glad the part two is already out, here, in the future. What a hell of a video, though. Hopefully it worked out! Seems like a good guy. Genuinely love the no-bullshit with a heaping helping of compassion that you serve up in every video. It's refreshing to see. Very human.

[@radiatebeauty5413]

Sending positive vibes to this person. Hopefully he pulls through 😢

[@gymrat9072]

Positive vibes don’t pay bills or do anything useful 😂

[@radiatebeauty5413]

@@gymrat9072 well that’s obvious that it doesn’t pay the bills. Thanks for your invaluable input