I Feel Broke All of the Time

[Music] brought to you by the every dooll app start budgeting for free today I can't seem to build any kind of wealth whatsoever what's happening tell us more um well you know um I got I got three boys and I got a wife that stays at home and I'm the only income but I think I make okay money but every time I try to build some wealth you know like something happens with the kids or yeah something on that line tell us about your income what are you making every year well I'm a union electrician okay so I make about 1528 if I work on Saturdays okay I usually work Saturdays so every month if you look at your budget how much is on that top item um my budgets it takes about 4,800 and some chain maybe okay but is that what you're bringing in $4,800 income wise that's what you're bringing in income wise I'm bringing in maybe about six okay so 6,000 okay and then do you guys have debt well you know I got I got my Jeep and my old lady has her her van is that on payments it I wish it wasn't but it is yeah how much how much do you guys owe on on yours uh well my Jeep I got maybe maybe eight 8,000 left and on her van we just had to get so it's around 22 okay how much said you just got it yeah we just got it maybe about a week ago how much are your car payments in on those both of those well that's where it's eating me because on my Jeep on my Jeep I'm paying about four on her van I'm paying around six oh I bet you okay what else so you got the Jeep the van what else do you have are there credit cards do you have any other loans um no I really don't have loans I mean I mean we got you know groceries and we got we got rent okay so those that's fine those are fixed expenses on your budget but do you have any other debt which is you know a lump sum of money that you owe um I mean maybe when I was a younger man let's I'll just keep it easy I'd probably say hey about 10 grand maybe what would it be and credit cards no it it'd probably be a little bit of hospital and M maybe uh uh miscellaneous I'm sorry I'm kind of lost okay Brandon how old are your kids I got a 10y old I got a sixy old and I got a one about to be twoy old okay perfect okay so here's the thing I think you're having a hard time Building Wealth because your biggest wealth building tool is your income and right now $1,000 of your income is going or and maybe a little bit more is going towards your debt payments every single month and uh it sounds like I'm not sure but it sounds like maybe you're trying to do a little of this a little of that a little of that over here and the method that we teach you is going to give you focused intensity on one area at a time for the most part so do you have any money saved that's a problem I don't can't seem to save a dollar okay so let's go back to the the the essentials here I think the first thing here is the budget you told me that out of $6,000 a month it takes 4,800 to run your household so that means somewhere along the way there's $1,200 left if you're doing your budget correct right but you just said you you can't find a Dollar so something about that budget isn't adding up so let's kind of let Rachel and I give you a quick crash course with the budget yeah because the the thing is with the budget Brandon is it needs to be realistic so you keep saying you know which I get we Jade has kids I have little kids so stuff does come up you know when you're a family and there's multiple people you're keeping afloat um so either you need to redo the budget and say okay realistically we need a kids line item because stuff is going to come up every month that we have to pay school fees like whatever it may be yep that we're going to put in um and then there also may be Brandon a you know a time that you and your wife sit down and you say okay we're going to limit this budget and just because we feel like you know the kids need X Y and Z we may tell them no right now um because your goal is going to be to get out of debt and so that budget is really really key and tightening up that budget uh is going to is going to be huge so that's going to automatically probably give you some of that Breathing Room of that $1,200 that we don't you know it kind of just disappears um the next piece of this I would do okay so Rachel's telling you tighten up the budget yeah and you have a lot of car yeah is that what you're going next yeah you just bought this car for 22,000 it's $600 payment a month Brandon sell it sell it yeah because and we always say not to have anything with wheels and Motors that is more than half of your annual income and you guys are right over that I mean you're making 60 yeah and I mean you guys are you're you're you're close to that you're at 30 I mean like so you're it's too much you have too much car and I think you're feeling that Brandon you're feeling that and so looking to say okay what are our options what can we do that is different um and it's probably going to be selling that van and yeah and that's going to take so let's put this in the timeline so the first thing you're doing what Rachel said you're getting on your budget you're getting a realistic budget you're figuring out what can we cut so that this $1,200 is actually a reality and it's you and your wife agreeing to that because you need that money so you can save up a little bit to get out of of this car and get into a car that you can afford because no more car no more car payments right so you need at least $5 $6,000 to make this thing happen at least right so we're getting out of this car and then after that it's okay we freed up $600 we can breathe a little bit and maybe it's you picking up a side hustle your wife she's got the 2-year-old at home but there's you know at least it's one at home and not the others and so what can she do to bring an extra income and from this point on it really is you guys deciding how quickly you Clean Up This Mess by deciding how much more money comes in because the ultimate goal is Building Wealth the debt is standing in the way that you clear out the debt and then you get yourself that emergency fund of three to six months saved now you're going to feel peace about day-to-day life right so if an emergency hits you you're fine and now you can actually start Building Wealth you can start investing into your 401k if you have it start investing into a Roth IRA as an option but we've got to get through baby steps one through three one through three first Brandon and um have you looked into you know other small businesses in your area and what they're paying for electricians I just wonder even if you switch out of the Union if you could find a better gig that pays more well um I mean I've I mean I've done I did solar for seven years and you know I I I have a little LLC with that but um I mean and realistically until I hit a journeyman's card you know I'm not really there's really nothing out there that's maybe paying more I may it may be a dollar it may be $2 but it's nothing like jumping up another 10 to 12,000 okay yeah yeah because I was just curious if um you know sometimes in the private sector there's um you know other opportunities uh so I just didn't know if you had explored that because because I think the goal too Brandon is um you know you guys make 60,000 and yes there's a level of intensity during baby steps 1 through three to kind of get you out of this hole so there will be you know extra work here or there all that but I think the goal is eventually to be able to live off of your income comfortably and enjoy it be able to put some money aside for retirement you know do some of these things to enjoy your life and so if that is not coming to fruition shft yeah then that's where a bigger conversation is um and you guys are renting right now right so even home ownership um to be in the picture eventually which I know can probably feels very overwhelming right now to think about but um but to be able to to get there but hey um Brandon I want you to hold on the line because Christian's going to pick up and I want to gift you guys Financial Peace University you and your wife this is our nine lesson course and go through this and and again it runs the gamut everything from the budget to getting out of debt all of it and then you know what and hold on the line too uh and Christian we'll throw in some M kin Coleman's stuff he has a great career assessment that would just be interesting Brandon and again being an electrician making 60 Grand that's fabulous work and wonderful but um I think we I think people do get to a reality of okay how do I sustain My Life um and if you can ever make more that's going to help it without completely shifting your lifestyle so just out of curiosity maybe dig into some of that too um and see if that kind of triggers anything for you so thanks for the call Brandon you guys got this just stay on track create your free every dooll budget today the simplest way to budget for your life