I Make Over $126,000 And Stressed About Bills (Thinking About Bankruptcy)

[music] Brought to you by the Every Dollar app. Start budgeting for free today. >> Just um stressed about bills and thinking about bankruptcy. >> Uhoh. >> Oh man. How much debt do you have? >> Uh a little over 25,000. >> What kind of debt is that? >> Closer to 30. um car, personal loan, hospital bills, um gas bill, >> and what's left on the car? >> The car is 10. The personal loan is 11. And that's that's just, you know, like personal loan just cuz I'm trying I'm trying to get myself out of a jam. So, I go back into it. >> Mhm. You're in a cycle. What do you make, >> right? uh 126 um base salary, >> dude. And >> I think last year I pulled in about 180 for overtime. >> America just lost all empathy here. You make $130,000 and you're calling in trying to file bankruptcy over 20. >> Yeah. What else is going on? >> What else is eating your lunch? Cuz it's not it's not $25,000 of debt. >> You could pay off this debt in less than six months. >> Time. I mean, I I do have other things. I mean, I take care of my kids. >> Okay. tell us about that because right now we're we're trying to understand where's the problem. >> Yeah. Well, so I don't have a court order on the kids. I just, you know, whatever they need and and whatever their mom needs, I just take care of. >> That's true. But again, if you were if you were >> I'm not going to lie, misspending. >> Okay, that's what it is. Because even if you were married with the kids in the house taking care of them,und you know, $125,000 income would still be a great income. So it's not the kids. It sounds like you're overspending in other areas. Do you have any kind of budget that you're on? >> No, not really. >> Okay, there's there's the problem. So, I guarantee you today if you were to just do a an old school budget on a piece of paper, if you just said, "All right, here's the money I take home my my net amount when I when I take home my check, and now I write down what I'm spending money on, and I'm just going to go back through my bank statement." I think you would see the problem. Are you dating anybody? No. >> Okay. So, then you're just spending money on yourself. Is it food? Are you doing a lot of >> Door Dash? >> If I looked at your bank statement, what would I see as the number one thing that you're overspending on? >> Um, [snorts] I don't know, maybe fast food. >> Mhm. >> Um, uh, go Yeah, I guess going out fast food. >> Uh-huh. You go out with your buddies, you guys go have some drinks. Anything like that? >> I don't have time for that. I work too much for work. Okay, so here's what George and I are saying. If you make a hundred and I mean we could talk about taxes and nickel and [clears throat] dime, but essentially if you made $100,000 a year, 126, you could live on a hundred and pay this debt off, right? At the basic level in less than a year. Can you live on $100,000 a year? >> I think so. >> I think so, too. You're a single guy. I mean, yes, you've got your kids to take care of. How many? Two? >> Three. >> Three. Okay. How old are they? 16, 20, and nine. >> Okay. And the 20-year-old, is she in college? >> Mhm. >> Yeah. >> What do you put towards that every month? >> Um about 600. >> Okay. >> And what are you taking home? Like what ends up in your paycheck? Is it like $8,000? >> Oh, that's right. I also have a pension loan out. >> A pension loan? >> Tell us about that. >> Yeah. Oh, that I didn't even I totally forgot about that cuz that comes out of my check automatically. So that I think I have about probably about 24,000 left to pay on that. >> Okay. How much comes out of your check? >> Is 463 a um every two weeks. >> What caused you to take that pension loan? >> Oh, that's a long story. >> Okay. Uh what about credit cards? Are you using those? >> No. Oh. Oh, glad you said that. So, there's a I got about 6,000 on uh >> Okay. >> Capital One. >> Okay. Now, now it's starting to come to view. >> We went from 25 up to 50. Now we're at 56. Anything else you want to tell us about? Like, hand on the Bible. What else do you have going on? >> Student loans. >> That's I forgot about the Capital One card. >> Did you forget about student loans? >> A year ago. >> No, I don't have any. >> Thank God. >> Is any of this in collections? >> Uh the Capital One card. >> Okay. >> And the gas bill. >> All right. Are you ready to like take control of this as a grown man with three about grown kids and you're like, "Dude, I'm ready to clean up my life." Cuz if you're ready, we can help you. If not, call us back when you are. >> I got to Yeah, I am. >> Okay. >> I'm just too stressed out. >> Mhm. >> Starting tonight, you're going to make this budget and it's going to give you so much peace just to have the numbers laid out in front of you. Even if it's scary, even to go, I don't like what I see. At least it's not the boogeyman and all the unknowns. I'd rather you be scared of the facts than the unknowns. So, we're going to gift you every dollar to actually make the budget. It's a digital app you can download. And you're going to list out your income for the month. And if that's 7,500, you list that in the income section. Below that, you're going to list every expense you can think of, including your minimum debt payments. And what you're going to see very quickly is if you're going over budget every month or under budget, and you should have wiggle room to use that money to throw with the debt. And I I want you um to use your bank statement as a guide when you do this because I kind of feel like you have something that's living in your head of what you spend versus what's actual reality. So if you don't use that bank statement, you're going to say that you spend $400 on food, right? When the reality is you might spend like $1,100 on on food, right? So go back, get the bank statement for September and use that as a guide when you make this budget going into November. Okay? That's going to let you see, okay, now, now you're going to see, oh yeah, this pinchion thing came out. Now you're going to see, oh yeah, this what I spend on gas. And it's going to take you, you know, you could do a, if I felt like you had an accurate picture, you could probably do it in 30 minutes. But I really think you need to look at these numbers. It's going to take you an hour or so to get this done. But it's going to give you, like George said, so so much peace. And the other question is, are you investing at all? >> No, nothing serious. Just pennies on Robin Hood. >> Oh boy. Okay, >> let's delete Robin Hood for now. Can you promise me that? >> Yeah. >> Okay. We're not really building any wealth over here. We're just wasting time. >> And what do you get every year when you do your taxes? Uh, what kind of refund do you get? >> I don't Last year was the first time I owed. >> Okay. >> Okay, good. Yeah, the budget, I mean, it's the blood work. It It tells all. It tells everything that's wrong with you. >> Okay. >> So, once you do this budget, you're going to figure out your main expenses. Here's like food, utilities, housing, transportation, insurance, minimum debt payments. Anything beyond that, you're going to get real judicious and cut out. And that means eating out, that's got to go cuz we got we got to clean this mess up. And we don't want it to take 10 years. Let's do this in 18 months. >> Mhm. >> Does that sound better? >> Yeah. >> Well, think about this. You got 56,000 in debt, let's say, just using ballpark numbers, and you throw 2500 a month at this. You're done in 22 months, less than two years. That sounds great, right? >> Yeah. >> And we avoid bankruptcy, which is going to implode our life for the next seven years and hurt your ability to get jobs, to rent apartments. It's going to hurt you in a huge way to file bankruptcy, especially over a over debts these small. >> Yeah. >> And so, I don't think bankruptcy is your answer. I think you are the answer, Peter. So, hang on the line. We're going to gift you Every Dollar. Make that budget tonight. It's going to give you a whole lot of clarity. And the new every dollar in that onboarding, that first 15 minutes, it's going to show you how much margin you will create if you decide to commit. And so, it's like we're going to be in your pocket guiding you along the way on this journey. And we are rooting for you, man. >> We think you're worth it. We think those kids are worth it. And you're very capable. If someone's willing to pay you $130,000 a year, you are smart enough to make a budget and get out of this debt once and for all. But first, you got to stop going into it. Debt is not a shortcut. It's not the answer, man. You are. Create your free every dollar budget today.