I’m Struggling To Keep My Finances Above Water

[Music] brought to you by the every dooll app start budgeting for free today um yeah so I was actually calling I I live paycheck to paycheck man I make like right under 40 Grand a year um my wife doesn't work she stays at home with the kids um I've cut cost I mean as much as possible and we're still just not really saving any money like I I just feel like I'm beating my head against the wall and I'm trying to get us into a house and things like that but my main question is what is the best way for somebody like me I have no retirement I have no savings I have nothing for the future I'm 32 you gotta hey Michael you gotta make more money brother like you're not making you're not making 40 Grand what do you do for a living um I'm a I'm a Cemetery maintenance manager okay um and you know work 40 hours a week or whatever but I I started my own business this year uh landscaping and stuff what's that bringing in it's gone it's gone pretty well I brought in right at like 18,000 this first year okay um but I've also spent every single dollar getting new better equipment just you know stuff like that so you invested it all back in you didn't yeah and next year I'm actually in a good spot to I think actually make a profit but I haven't paid myself out of that business and I'm I feel like I'm just killing myself trying to juggle everything and then not getting anywhere yeah on top well let me let me bust in here um tell me tell me a little bit more about your financial snapshot because we know that you're making the 40,000 that it's I'm not going to lie to you it's going to be tough to to to make your way with that um and then you started the side Hustle but you're reinvesting all the profit which in this case if it's a side hustle pay yourself and grow the business later right now you need cash so let's find out about the debt do you have any debt going on is that robbing you well so the past year and a half that I've been here I've focused on paying all my credit cards down I have like practically no credit card debt $150 you know and the main things I have are mine and my wife's Vehicles okay tell me what they're worth and what you owe on them um what they're worth is and what you owe on them I mean probably collectively 20,000 together and I owe probably collectively 30 on both of them tell me individually tell me what you owe on it and tell me what it's worth because I'm trying to find this money for you okay um so my truck that I just bought this year you you're gonna the brick okay I I got like 21% interest rate um and I'm actually refin I'm in the process of refinancing it right now um but it's really all I could get at the time and so I took it uh the truck I bought it for 50 ,000 okay at 40 41% yes yes okay and what what's it worth you bought it for 15,000 what's it worth now if you were to Kelly Blue Book it private sale it' probably be about about nine or 10,000 yikes okay and what's your payment on it my payment is $445 a month sheesh okay now tell me a little bit about your wife's car because I'm going to try to find you a way out of some of these payments cuz these are what are uh you can't breathe you know so tell me about your wife's car uh she has a Tahoe it's a 20 it's a 2013 okay um we got it for 205,000 oh my years ago goly Dude hey what's going on here is your cars your cars are almost what you make in a year I trust me I know literally weekly and it takes one of my checks to pay both of the vehicles and most of insurance okay so now that you've now that you feel that then I don't need Buy in going forward we know we've got to get rid of one or both of these vehicles some way or somehow so hers is worth 25 or you paid 25 for hers what's hers worth if you were to sell it um not not trade in probably 12,000 oh what's going why the reason I'm sorry go ahead why are you going into these uh sub subprime loans why are you paying 41% interest in do doing all this what's the what does it get you on the on the Tahoe we got like an 8% interest rate I got a pretty good interest rate on there um the thing it's just it was so it was just older but a real like an 80-year-old woman had it it had like 60,000 miles on it it's still going great today yeah but here's here's where I want to get you to here's where I want to get you to um I want to get you to the point where you look at these vehicles and you go this was the worst decision this is getting me nothing as long as you look at it and go oh well it was kind of good or I needed this or there's not going to be much I can do to help you you have to look at this and go that was the dumbest thing I ever did I'm never doing it again that's how we know there's a turning point that's going to happen um and I hope you get to that point because truly something's behind this for you to make $40,000 a year and have almost $4,000 in vehicles I mean you you you you're shooting yourself in the foot at that point so can I say Michael I think I think I know what it is you don't make any money but y'all are living a life that you want to be living and what I mean by that is bro you can't afford for your wife to stay home right now yall don't make that kind of money and I know you want that and I want it for you but you can't afford it I uh I have three kids as well and that's the main reason that's even more reason I totally get it dude but but but you got you got you got cars that are nice and they may be old or whatever but that you can't afford it's like this I want to have a Tahoe I want to have this nice truck I want to we're going to be a stay-at-home single- income family all of that works good on paper and it looks good on Instagram it doesn't look good in reality how old are your kids man um 13 10 two and uh my wife's pregnant right now with another one okay so you have two that are in school and you have a two-year-old right yes are is she homeschooling also uh no no the the kid the girls are in school and she she stays at home with my youngest and like I said she's she's seven months pregnant now okay um so she hasn't been working for I guess it's been the past two years um she took off her my youngest let let me ask you Happ we're we're gonna run out of time here I just I just need to say this out loud bro you got to look yourself in the mirror and I want you to like there's nobility in the job that you do there's nobility in starting a hustle you've got to go make more money you've got a family of five and another one on the way you got to get rid of these cars right you to figure out these car loans and stop doing what quote unquote looks fine you got to go scorched Earth with cars no debt hang on the line we're going to give you FPU as our gift um I want you to watch those videos and King Coleman's career assessment because your core income is an issue no side hustle is going to help you get out of this you need to change career paths and Ken Coleman can help you with that create your free every dooll budget today the 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