A 20-year-old recently came on the financial and budgeting podcast “Financial Audit” to discuss his many debts, including a $64,000 Ford Mustang payment plan that host Caleb Hammer termed “objectively stupid.” Carlos, who resides in Texas, approached Hammer for budgeting help after incurring debt.
He stated that he worked in security at a soccer stadium, earning around $2,000 per month and that he also contracted as a DoorDash driver, earning approximately $1,000 per month. He said that his salary was almost entirely disposable, that his mother paid all of his taxes, and that he lived rent-free with his father.
Carlos stated that he wanted to be a Twitch streamer but gave up since he wasn’t generating any money. He also mentioned a big pile of family funds, $100,000 in cash and $400,000 for a future home, but stated his mum wouldn’t let him have access to it until he grew more financially responsible.
Carlos had no major credit card bills and roughly $2,000 in personal funds. However, he stated that he was spending half of his income, $1,245 on his electric car, a 2021 Ford Mustang Mach-E. He stated that it was his second car, which he bought on credit. He had paid off his first one completely, but “it wasn’t meeting what I needed it to do,” he explained.
He stated that the current sum was $64,000 and that the interest rate was 12% for 72 months. “Why did you do that?” Hammer asked Carlos. “That’s objectively stupid,” Carlos stated that he intended to pay it off, with $1,245 deducted from his account each month.
“Dude, that’s stupid,” Hammer told him. “That’s almost half your income.” Carlos, according to Hammer, should spend his money on a house or investments rather than on an expensive car. He was inclined to shout at Carlos because of “how horribly stupid, dangerous, and risky” the car-payment scheme was.
Carlos suggested selling his second car, which he estimated was worth $42,000, and saving the extra money to pay off the loan total sooner than the 6-year term. He also stated that he expected to get $100,000 from his mother, which he claimed came from his grandfather’s sale of his firm for “hundreds of millions” of dollars.
Hammer advised Carlos to use his inheritance to pay off the car and then invest the remaining $40,000. “Just don’t go fuck around with this money when you get it,” he said.
He also advised Carlos to buy a $350,000 starter house and pay cash. He said that in a decade, he would be able to buy a much finer home. “Just don’t rush all these things,” he said.
- People17 hours ago
Mom Intervenes When Man Pulls Toddler’s Diaper Down, Tries To Sodomize Her
- People15 hours ago
An Urgent Reminder: ALWAYS CHECK ON YOUR FAMILY AND FRIENDS – You Won’t Believe What Happens When You Don’t!
- People13 hours ago
Man Defends Himself During Home Invasion – Then Pays A Hefty Price
- People14 hours ago
When This Woman Told Students About Her Adoption, A Classmate Suddenly Realized A 30-Year-Old Truth
- People15 hours ago
A Teen Had An Abortion Eight Months Into Her Pregnancy, But The Baby Survived
- People16 hours ago
Eagle-Eyed Teens Peer Into Stranger’s Car — And Discover Abducted Girl
- People11 hours ago
Heartbreaking Footage Shows Indigenous Woman Filming Canadian Hospital Staff Mocking Her Moments Before She Passed Away
- People7 hours ago
Pregnant Woman Goes for an Ultrasound, Doctor Gets Quiet When He See the Baby Is Not Alone There