The Stupid Reason More Income Won’t Fix Your Debt - Caleb Hammer

Do you think lifestyle inflation's become a bigger problem than inflation itself? >> Ooh, bigger problem. I wouldn't say mhm ooh. It's a good question. You're a professional podcast host. That's nice. Damn. Um I'd say inflation is worse overall. I'd say worse overall cuz that impacts everyone. That's not your choice, right? That's not your choice. But I'd say on a on a personal level, yeah. No, that's bad. That's bad. That's going to That's going to [ __ ] you over when someone gets the 20% No, no one gets a 20% raise. Okay, when someone gets a 5% raise but increases their spending 6%. You know, that that is very common on our show. You know what's interesting? The people on Financial Audit that are doing worse are the highest income earning episodes. People often um you know, you open the show with uh getting death threats and stuff. And death threats is kind of minimal, but we do get lots of complaints and stuff about the show. One of our biggest complaints is, you know, I'm yelling and making fun of poor people. Those are actually the people I usually make fun of and yell at the least. It is the high income earners that if they just fix a couple things, they can get out of debt pretty quickly. But they also get into worse debt because they have a higher income, so they get approved for more debt. They're always the worst off. They lifestyle inflate. I swear, the closer they get from 100 to 200 or even a half a million dollars a year, the worse debt, the more credit cards, the more time-shares, the more cars, the more [ __ ] they have. It's It's impressive. It's so bad. >> It feels I think probably incredible to a lot of people that you could earn half a million a year and have a bad financial situation. >> Which I wouldn't be surprised if the majority in the United States did, who make that much. >> Why? >> You have a half a million. Go get yourself the nice house. Go get yourself the nice car, the nice clothes. Why not? You worked hard, deserve it. It's our culture. We want We're consumers. >> Do you think that uh the things that richer people waste money on different to the things that poorer people waste money on? >> Absolutely. I'm trying to get over my fear of flights. And I guess I'm rich now, so that's nice. I'm not going to wood with all that. >> help you get over your fear of flights? >> I went to the PJ. It helped me. So that's a waste of money. >> or easier or harder? >> So it's a control thing for me. I don't like being stuck in a situation that I can't control. >> Do you know how to fly the PJ? >> No, but I can say, let's land. I can't do that with a commercial jet. >> Uh well, you can. You could make a big enough fuss that you would land, but it would be a real headache. >> And bad for my career, too. So >> be a real headache. >> Yeah, but like um uh so >> What was your first I mean you pause. >> Yeah. >> What was the first time with your travel anxiety getting on a PJ like? >> Um it was for oh the PJ itself, it was actually really bad. We filmed it too. >> [laughter] >> We filmed it, it's on the internet. I burst out in tears. It's really bad. >> I'm sorry, man. >> Oh [ __ ] it was it was anxiety. Like that's not >> Yeah, I don't think that you should dismiss it like that. So >> But it's not like something bad happened to me, right? Like anxiety's make-believe. It's like it's not real. My brain thinks it's real, but it's not. So I was crying. I was sad. But you know what was actually making me more sad and crying? A lot of people thought it was out of pure terror. It was remembering a lot of the things that I haven't done, a lot of the family I haven't visited because of my fear of travel. >> grief. As much grief as it was anxiety. So interesting point here, there's a guy called Vinnie Shawman who's a hypnotist in the UK. I have a friend. My friend's name is Sky King. Sky King, right? This guy lived in Hawaii while he was a kid, flies all around the world, loves Asia, been to Japan a bunch of times. Out of nowhere just developed travel anxiety. Bad travel anxiety. Tried to get on a plane, couldn't. Bailed out. Tried to get on a plane, couldn't. But this happened maybe six, eight, maybe 10 times and I put him in touch with Vinnie. Now, some people have better results with hypnotism, some people have worse. In a single session Vinnie fixed his travel anxiety and I don't know how what the full story is but I know that the Simpsons theme tune is an integral part of the anchoring for how he gets over his travel anxiety. >> Interesting. >> And that was really interesting. That was like it's a [ __ ] cool gift to give somebody to like unlock that. >> Mhm. >> But I I I know what you mean. I There is nothing wrong rationally in terms of the utilitarian approach view of the universe. There is nothing happening but your felt experience of I'm getting on this jet that I've paid money for that's kind of a momentous occasion for me. It's this landmark as a person who talks about money doing something that's kind of canonical in everybody that has money's life. >> Mhm. >> And my experience of that has been tarnished by the fact that I've got this thing that isn't me that I don't want in me and is kind of like behind the steering wheel a little bit. I think that's I think that makes sense. >> But it was nice cuz I was working with a panic therapist at the time and just started working with him again. Thank goodness cuz I need to get over this thing. Uh he didn't let me get off. Like like >> with you? >> Of course I yes. So I brought him >> How you brought your panic therapist on the the jet with you? >> plan. You know, we kind of >> Oh, it was like an intervention or something. >> Well, actually I had him the day before so we already decided. But yeah, um so we brought him with us and he's really cool and I'm working with him now again and we have we have a game plan uh to go over it. But um yeah, it was it was it was really simple. It was Austin to San Antonio so it was nothing. I just I wanted to get on a plane again cuz I was just preventing myself from getting on a plane. So that's a very quick flight. >> How long had it been? Since you were on a plane? >> at least. Yeah. So mostly road trips places but even that still gives me kind of anxiety. Um which is just it's just I hate it. Um Uh but, you know, we have a game plan. We're doing some things. Want to go be on some more shows. >> I mean, dude, if some people's exposure therapy is we just need to get a spider and put it in the corner of the room, your exposure therapy requires a private jet. >> Exactly. >> It's a slightly higher bar. It's just as well that you're rich because if you weren't, you'd be [ __ ] >> Exactly. Exactly. What really sucks is the same exact model of private jet I was in just crashed in Laredo, Texas yesterday, and a CEO in Austin, Texas died on it. So, that's like kind of [ __ ] with me. >> That plus all of the tree, there aren't many forms of >> Yes. >> uh transport that are feeling pretty safe right now. >> Yeah, the next one's a commercial. We're doing a commercial next. We're doing some long road trips to kind of >> I would book, if I was you, I would try and get maybe your row and then one behind, one in front. >> I was thinking that. >> Just in case there's a you know, one of those. >> I just didn't want to be around people, but yeah. >> Uh that's also nice. That's also nice. Uh so, you've got some anxious, panicky tendencies. >> Yeah, really just that one thing. >> You build You build a show which is essentially high-stakes live confrontation. >> Mhm. >> Right? With strangers about their most shameful secrets. >> Yeah. >> You're someone who has panic attacks. You run a show that gives other people panic attacks. >> Yep. >> Is that a coincidence or is this just like the most elaborate exposure therapy ever? >> It's great. I mean, that's what people have to go through. They have to go through it. What's actually nice is because of mine and I'm you know, working with my guy for a while now, like I can actually work through them pretty well. And now, if someone actually does have a legitimate panic attack on the show, I can help them through it, which is pretty nice. >> Oh, cool. >> pause the cameras and do that real quick and then >> What is your process? Somebody is sitting opposite you, you're pushing, you're pushing, you're pushing. >> Mhm. >> They're realizing how You actually just explain to me what you think is happening inside of them inside of their mind. Somebody's got a lot of debt, maybe they've been hiding from it. Like what's their emotion before? What do they get to? And then I'm interested in what you do to bring them back into land as well. >> Usually I can tell they kind of just go flat faced in that moment. Like they they disengage, their eyes just kind of go blank and maybe even like a little bluish. Um and I'm like, "Oh [ __ ] okay." So we just literally pause. I'm like, "Hey, you okay?" You know, I go from the crazy voice to like just down to like, "Hey, you okay? Remember, you know." It's like of course they know it's like real and everything, but I'm like, "Yeah, we can take a pause, you know, you can take a break." And then I help them do if they're like actually having an anxiety attack, I'll do like a breathing exercise real quick. It's like three in, six out. And um that's pretty rare these days, but uh and we definitely have people that need to do like a lap around the building. Our producer will take them or they need to go outside and hit a >> Why is that rare do you think? Yeah, hit a vape, that's good. That's why Jared I need a [ __ ] e-pipe. For the people that are listening, I require I want to be able to come up with I want to be able to pontificate, uh but I want to be able to do it with nicotine. So if anyone can find me a pipe that looks legitimate like this, but I can have some nicotine in it, that'll be really um I wonder whether part of the reason that you're not inducing as many panic attacks is because you're getting soft in your old age. >> You think so? >> Yeah, I wonder whether it's because you've taken your foot off the gas. >> I just threw something at someone THE OTHER DAY. >> [laughter] >> YOU'D BE [ __ ] HERE. THERE'S SO MANY PROJECTILES. There's so many potential projectiles. Some of them are heavy as well. >> No, honestly I am proud of it. I think our our onboarding process is so thorough. We've had people that have uh come to work with us or people that interviewed with us that have worked for like Dr. Phil and a lot of other type shows. Dr. Phil's close in Dallas, so that's why him specifically, but they go through our process and they're like, "This is crazy. I've never seen an onboarding process like process like this at all cuz usually for like I'm not speaking Dr. Phil at all. Don't sue me, but many shows like that daytime TV, they don't give a [ __ ] about their guests. But we actually really care cuz one, they're members of our audience. So a little selfish there, okay? A little selfish. I want members of our audience >> you're going to reduce the audience size. >> Yes, exactly. And I want them to do well, whether that's, you know, you could look at it from two perspectives. Pretend like you hate me and I'm the selfish most piece of [ __ ] ever. Fine. Take that. Obviously, I want them to do well cuz it proves the show works. >> or do it because of me? >> It shows that it works. It shows that the show works. So selfishly, I want them to >> how what the mechanism is. It can be because you don't like me, I'm an [ __ ] you want to prove me wrong saying that I don't think that you're going to be able to turn it around. Or because you love me and you think that my advice is worth listening to and you turn it around. >> Yeah, and or there's the second option where it's and that's the real option that I actually really do care about how they succeed. So I really want them to do well and the average guest pays off. It's just over like $20,000 in 12 months of debt after coming on Financial Audit. That's our most recent annual report. We do one every December. >> I've learned from over a thousand podcast episodes that the easier you make your health routine, the more consistent you'll be. It's like golf, right? You want to keep it simple and not mix a bunch of pills. You want the eye of the tiger, not the DUI of the tiger. That's why I'm such a huge fan of AG1. One scoop contains 75 vitamins, minerals, probiotics, and whole food source ingredients in a single daily drink. And now they've taken it a step further with AG1 next gen backed by four clinical trials. 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