- 2 weeks ago
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00:00You actually owe $80,000.
00:03Wait a second!
00:05Money affects every aspect of our lives,
00:07but most importantly, our relationships.
00:09You think this came in off the top?
00:10Yeah, you said it.
00:11Oh, wow.
00:12I am Leah Collins, and I'm a financial relationship coach.
00:15But I heard you did.
00:16Yeah, I'm pretty good.
00:17One person has nominated someone in their life
00:20who is drowning in debt.
00:23I help people take control.
00:25Let's break the bad habits that are holding us back
00:28and keeping us maxed out.
00:31Check me out.
00:33Check me out.
00:34Check me out.
00:36Check me out.
00:37Yeah, yeah, yeah.
00:39Check me out.
00:42Today, I'm going to meet Corey and Nina.
00:45Corey is a local truck driver,
00:47and Nina is a stay-at-home mom to two beautiful girls.
00:50Corey nominated Nina because he feels like
00:53she's out of touch financially
00:56and maybe just a little complacent.
00:58This is very common with couples
01:00where one focuses on the earning
01:01and one focuses on the spending
01:03and they end up on different pages.
01:05But that's okay.
01:06I am here to help them get on the same page
01:09and create financial harmony.
01:11Let's do it.
01:12Let's get it like wow.
01:14Let's get it, let's get it.
01:15Let's get it, let's get it.
01:17Let's get it, let's get it.
01:18Let's get it, let's get it.
01:19Let's get it, let's get it.
01:21Let's get it, let's get it.
01:22Corey?
01:23Hi!
01:24Hey, how are you?
01:25I'm doing good.
01:26I am so happy you're here.
01:27Yes, a pleasure.
01:28I love your home.
01:29Thank you, thank you.
01:30We try to keep it clean.
01:31Yeah.
01:32So how are you doing?
01:33Oh, I can't complain.
01:34What's going on?
01:35Tell me.
01:36Long story short, I think my wife is draining me.
01:37Mm-hmm.
01:38She's buying a lot of unnecessary things.
01:39She's buying a lot of knick-knack paddywacks.
01:41A lot of things that may seem small at first,
01:44but they just keep piling up.
01:45Hundreds of $1 purchases.
01:47Mm-hmm.
01:48Are you involved with the management of the finances?
01:49How does that work?
01:50It's kind of like I pitch her the money,
01:52but then when I hear stories like, we can't afford this,
01:54it makes me wonder, why not?
01:56You know, I make pretty good living.
01:58Why can't we do these things?
01:59And then I come home and see Amazon boxes.
02:01All right.
02:02I'd love to see what Nina has to say about this.
02:04She probably won't tell you it ain't true, but I'll tell you.
02:06How does she feel about being nominated?
02:08I don't think she really knows.
02:10We talked about it, but I don't think she really think
02:12I'm committed to actually going forth with it.
02:14Okay.
02:15So it's going to be a little bit of a surprise, I think,
02:16but this is how serious I am about it.
02:18Hey, Nina, can you come in real quick?
02:20I got somebody I want you to meet.
02:22Hello.
02:23Hi.
02:24How are you?
02:25Hi, I'm Nina.
02:26Nice to meet you, Nina.
02:27I'm a hugger.
02:28Oh, hi.
02:30That is our financial advisor.
02:35You've never done anything this quickly before.
02:37I am very serious.
02:39Oh, good.
02:40So how much has he told you?
02:42Not much.
02:43He said that he is a little concerned with the spending.
02:46He doesn't really understand where all the money goes.
02:48He's trying to figure out if he makes enough,
02:50if it's a spending issue.
02:52Can we pause?
02:53Can we, like, back up real quick?
02:54Are you making the statement that I am mismanaging money?
02:59No, you're not mismanaging.
03:01Because that makes it seem like you're doing it on purpose,
03:02or you don't know what you're doing.
03:04I'm just saying you're fully aware of what you're doing.
03:06Just may not know the effects of what you're doing.
03:11I am radiating with heat.
03:14I am just livid.
03:15The audacity that he has the nerve to nominate me
03:19after I manage the household
03:21and make sure he has clothes on his back, shoes on his feet,
03:23food in his baby's mouth, and he nominates me.
03:26We talked about it.
03:28We had the conversation.
03:29Do you think we need a financial advisor?
03:31I always hear you not take the lead.
03:33I always hear you're not here to do anything.
03:34All this is on me.
03:36So I was like, the least I can do now
03:38is call a financial advisor to see
03:40if it's mismanaging of the funds.
03:42You know, nothing.
03:43I'm trying to make sure there ain't no numbers doing magic.
03:45That's all I'm trying to do.
03:46Make sure there ain't no numbers doing magic.
03:47You think I'm skimming off the top?
03:48Hey, you said it.
03:49Oh, wow.
03:50You said it.
03:51I'm sorry.
03:52Oh, wow.
03:53Take that back.
03:54Smash that out.
03:55You got my eyebrow twitching.
03:58We have been together overall 16 years.
04:03In college, he had a body, okay?
04:06He had an eight pack.
04:07He was young and tender, and he got a butt.
04:09So that was my thing.
04:11Originally, I did not like Nina at all
04:13because her ex-boyfriend was a friend of mine.
04:15So I never looked at her in that way
04:17until I looked at her in that way.
04:19Me and her share a degree in business,
04:20so it forced us to spend more time together.
04:23And as time went along...
04:25Enemies turned lovers.
04:27We've been married a grand total of 10 years.
04:29And we have two beautiful little girls.
04:32I'm a freelance commercial truck driver
04:34making anywhere between $60,000 and $70,000 a year.
04:36So our household is a one-income household provided by me.
04:40Except yours truly,
04:44because I donate to that income.
04:47I am a full-time stay-at-home mom,
04:51but I'm also a freelance voice actress.
04:53We wouldn't survive if I didn't actually chip in.
04:58Do you have an idea of your monthly expenses?
05:00Do you have an idea?
05:02As the person who makes the money,
05:03I expect the expenses to be paid.
05:08Okay, so that's a no. Do you know?
05:10I know. It's about $3,300.
05:12About $3,300?
05:14So who would you say is the spender or the saver?
05:17You'll probably say she's the spender, I'm assuming.
05:19I'm also the saver.
05:21Okay.
05:22He knows how to make money,
05:23but he doesn't know how to save money.
05:24Which is interesting that you say
05:25she doesn't manage the money well,
05:27but you're not really involved in the management of it.
05:29So that's something we're going to get into.
05:32I am not particularly financially involved with the budgeting
05:35because I'm not home.
05:36What is you having to be at home?
05:38Anything to do with you making a financial plan,
05:41like you think you're the only guy that goes to work?
05:43Most people work.
05:44To me, it's an excuse that I go to work.
05:46Because if I went to work, I would have to still do the expenses,
05:49the kids, all of that.
05:50Like, now it's 365, 24-7.
05:53Right, you don't get a break.
05:54And then you have a partner who has abdicated responsibility
05:58and involvement.
05:59Mm-hmm.
06:00It's on you.
06:01What if something were to happen to her?
06:02Do you know who your cable provider is?
06:05Would you even know how to pay that bill?
06:06Oh, absolutely.
06:07I ain't like a Niander dog.
06:08Hold on.
06:09I'm not a Niander dog.
06:10I'm not a Niander dog.
06:11That's the one bill that comes to his email.
06:12Right, right, right.
06:13Do you know the water?
06:14I do not know the water.
06:15Do you know the energy?
06:16Who are we with?
06:17Who are we with?
06:18Do you know who our mortgage company is?
06:20Round Rock.
06:21No.
06:22Do you know who were the kids set up with
06:24when it comes to recreation?
06:26Do you know?
06:28No, I don't.
06:29I ain't gonna lie to you.
06:30That's why it's important for you to be involved.
06:32I recommend that couples have money meet-ups
06:34at least once a month just to make sure
06:36that both parties understand the money
06:38coming into the household, the money going out.
06:40Make it fun.
06:41It could be kind of like a date night.
06:43Do it over coffee, over a glass of wine.
06:45Planning your financial future can be romantic.
06:49What?
06:51Only to somebody who can't be romantic.
06:52It is.
06:53If you're thinking about your goals and your future
06:55and buying a house and having kids
06:57and how you're gonna do it,
06:58how is that not fun and romantic?
07:01What?
07:03Maybe it's just me.
07:04No, I love it.
07:05I love it, Leah.
07:08You mentioned the voice artist passion.
07:12Do you currently get income from that?
07:14Or how does that work?
07:15I do.
07:16I do get income from voice acting.
07:18Okay, about how much?
07:19Between 20 to 35 a year.
07:23It's not on a consistent basis to where
07:25it can be beneficial.
07:26Like, I can appreciate the months
07:28when you may bring in four, five, six grand that month.
07:32It's the four months after that
07:34where I get five, $200 for that month.
07:37And you have a management degree?
07:39I do, business management.
07:40Okay.
07:41So I wanted to go back to work
07:42after I had my first kid,
07:43but it was just a circumstance that happened.
07:45I wanted her to be a stay at home.
07:47I'm proud that she's a stay at home mom,
07:48because I don't trust people with my kids.
07:50And at the time, I made enough for us to thrive off of.
07:53It has changed.
07:54And then be able to do what you call it,
07:55because I don't take time.
07:56Thrive.
07:57Excuse me.
07:58I made enough for us to live off of, survive off of.
08:00He grew up in the hood, and like, that's not my base.
08:04Okay.
08:05I grew up suburban.
08:06My base is like, yeah, three-story house.
08:08Mm-hmm.
08:09You have two cars.
08:10So when my expectations become higher,
08:13he thinks of it as like, man, that's astronomical.
08:16She could have a million dollars,
08:17but if a million dollars ain't gonna cover what she wants to do,
08:19she's broke.
08:20It's just a difference in compatibility there is what it sounds like.
08:22Exactly.
08:23Okay.
08:24What are your three main goals?
08:26Financially, to be able to be at a point where I don't have to
08:30second guess going grocery shopping.
08:33I want to be able to have a vacation once a year,
08:35and I want a bigger house.
08:37I want us to be able to dream bigger,
08:39and set bigger goals for ourselves.
08:41In the next one to three years,
08:43I would like a four- to five-bedroom house
08:45that has soundproofing for my voice acting,
08:48and a two-car garage.
08:50And his and her sinks.
08:51You got to have the his and her sinks.
08:53Well, I have a little homework for you all.
08:56Joy.
08:57Yes.
08:58This is my Money Moves Makeover Workbook,
09:01and I want you to identify your three main values.
09:05And once we do that, and I receive your financials,
09:08I am going to determine if your spending aligns with your values.
09:13Okay?
09:14She gave us homework.
09:15She gave us homework.
09:16I'm a student, so I don't mind homework.
09:19I didn't sign up for that.
09:20I don't think you finna come in and be like,
09:22hey, do this, do this, and we out.
09:23Nina, cut out the knick-knacks, and we gonna be straight.
09:26She got me doing investigation.
09:28I don't know if I like that part.
09:30I called you.
09:31Oh, you thought she was gonna be on your team.
09:34Oh, 100%.
09:35100%.
09:36I ain't gonna lie to you.
09:37There are two sides to end this story.
09:39The tables have turned.
09:41You are one medical emergency,
09:43one job loss, away from financial ruin.
09:46Corey, we are putting you to the test.
09:49A $150 budget.
09:51I like chips.
09:52One of the things I don't yield on is bacon.
09:54We're getting close to that $150.
09:56We haven't even hit the meat yet.
09:58Oh, my.
10:03I've been on a roll.
10:04I've been doing big things.
10:05Not enough for the money.
10:06I've been chasing my dreams.
10:07Hop up on the scene.
10:08Doing my thing.
10:09Up, up, up.
10:10That's where I'm going.
10:11Hello.
10:12Hello.
10:13How are you?
10:14How are you?
10:15Doing good, how are you?
10:16Good.
10:17My marriage is still together.
10:18Good.
10:19About a hair of his chinny chin chin.
10:22After reviewing Corey and Nina's bank statements
10:24and their financials, I have a game plan
10:26that I would like for them to consider.
10:28I'm just not sure how receptive they'll be.
10:30Thank you for sending over your financials.
10:32I did have time to review them.
10:34And I really want to show you all the reality
10:37of what your income is.
10:40Reality sucks.
10:44It looks real good.
10:45We going to El Pablo.
10:47Combine, this is your income, which is about $65,000.
10:50That ain't nothing.
10:51That ain't nothing.
10:52That ain't nothing.
10:53And next, I want you to see your debt.
10:56Oh, no.
10:57That ain't going to look good.
10:58That ain't going to look good at all.
10:59We talking about total something.
11:00Your total debt.
11:01Your liability.
11:02Mm-hmm.
11:03Mm-hmm.
11:04Mm-hmm.
11:05Mm-hmm.
11:06Mm-hmm.
11:07Mm-hmm.
11:12Come on now.
11:13Your total debt is $250,000.
11:19Mm-hmm.
11:21Compared to your income of about $65,000.
11:24I'm overwhelmed.
11:25Oh, yeah.
11:26Shut up.
11:27That's a quarter million.
11:28This feels suffocating.
11:29Mm-hmm.
11:30I didn't like that.
11:31I didn't like the visual.
11:32I wanted to turn the table around and say my debt is my income,
11:36and that is my debt, because that's really what it probably
11:39needs to be.
11:40It can't be the other way around.
11:42In addition to this, I also looked at your expenses.
11:46You mentioned during our last session that your expenses are about $3,300 a month.
11:50Mm-hmm.
11:51It's actually about double that.
11:52Stop.
11:53Mm-hmm.
11:54What are we counting?
11:55Insurance payments.
11:56Church.
11:57I saw church tithing.
11:58Your cars, right?
11:59A lot of alcohol expenses.
12:02That's true.
12:03That's facts.
12:05I'm going to have to quit drinking.
12:06He'll say that today, and he'll be back two months later.
12:08You are 100% correct.
12:10The one thing Cory's not giving up is his alcohol.
12:12You right about it.
12:13I don't disapprove of it.
12:15That's the vibe I got.
12:16Listen, I don't disapprove of you drink alcohol,
12:19because I drink alcohol, too.
12:21I just wish we had more funds to have other luxuries like date night,
12:24because it's really important to me.
12:26You actually love me.
12:27I appreciate that.
12:28I really do.
12:30I want you to identify where you can cut spending,
12:33but for the most part, you're pretty good at managing your finances.
12:37Great job.
12:38Yeah.
12:39It's really an income issue.
12:41Mm.
12:42Hearing those words, gun punch.
12:45It's a hard pill to swallow.
12:47The median household income in Dallas is $145,000,
12:52and you all make less than that.
12:54A lot less.
12:55And you're supporting a family of four.
12:56Mm-hmm.
12:57So I think we need to start there to figure out how we can generate more income into the household.
13:04Cory and Nina's expenses are pretty on par for a family of four.
13:09Their total monthly debt is about $2350.
13:12After reviewing Cory and Nina's values and goals, it's clear that they want that bigger home in the near future.
13:19However, they have to lower their debts and increase their income in order for any of that to happen.
13:25And they're only paying the bare minimum on their credit cards, and at this rate, they'll never get out of this debt.
13:30I guess I could try to work 80 hours a week instead of 60.
13:33It's not even about increasing your hours.
13:35We're just not making enough.
13:37But the expectancy of our relationship was that he would get into accounting.
13:43When I graduated college, I graduated with an accounting degree.
13:46I did accounting for maybe my first three to six months after college.
13:50Completely hated it.
13:51If I would have stuck with accounting, I'm pretty sure that I'd be making well within six figures comfortably at this point in time.
14:00And we could have been more successful than we are now.
14:06I wish it was just as simple as, you know, hey, get out the truck, use your degree.
14:11But even when I was trying to get the first accounting job, it was always you ain't got no experience.
14:15Do you have an issue with her going back to work?
14:17No, if that's something she wanted to do, I definitely support her doing it.
14:20It's really...
14:22What was that face for, Nina?
14:25Because she doesn't want to go.
14:27What about remote jobs, remote opportunities?
14:29Is that something that you would be interested in?
14:31I got my certification in medical coding and billing.
14:34So the caveat is when you first get your certification, you have an apprentice on it.
14:39So you need like a lower level job.
14:42I need $20 an hour to justify walking out of my house.
14:46Everything logistically has to match up with his schedule.
14:49My schedule, what the kids need.
14:52People do it every day.
14:53They can do it, you can do it.
14:55No, I do not want to go back to work at all.
14:58Because what's going to happen to my kids?
15:00I'm a mom of there first.
15:01You know, like I have to know that they're good, they're taken care of.
15:04And childcare is astronomical.
15:07So that's the real weight.
15:10I'm a single mom.
15:11I do have a strong community where I live.
15:14Every job that I've received actually has always been through someone I know.
15:17So it's very important to get out there, go to networking events, make those connections.
15:22Because we're not financially where we need to be, I almost feel like I can't even afford to have friends.
15:28Because it costs to go out.
15:30I do hear you on the like.
15:31You sound like a lot of excuses.
15:33It sounds like a lot of reasons, girl.
15:35The logistics.
15:36People do it all the time.
15:37You're more than capable of doing it.
15:39Y'all are both very intelligent, very educated.
15:42You can figure it out.
15:43Absolutely.
15:44Okay?
15:45Because you have about $3,000 worth of savings.
15:49If, Corey, you lose your job, that's going to get you through, what, half of the month?
15:52Mm-hmm.
15:53And that's it.
15:54Yeah.
15:55That's reality.
15:56Yeah.
15:57I did notice that you all bought two cars within the last two years, I believe.
16:01Mm-hmm.
16:02Like, I had three different car accidents in the same year.
16:05One was digitally my fault.
16:06One was a hit and run, and another one, we had a blowout.
16:10And did you have a trucking accident?
16:12Oh, the big accident.
16:13It was the beginning of our marriage.
16:15Marriage, yes.
16:16It was about nine years ago or so.
16:18I got hit with an 18-wheeler.
16:20I got pimp between two trailers.
16:22I was at the wrong spot, and gosh.
16:25I broke my arm, I think, in three places.
16:28And the wrist was shattered.
16:30Yeah.
16:31Part of his bicep was missing.
16:33Complete graft.
16:34He was in ICU for four days.
16:36Six, seven months I was off of work.
16:38A lot of debt built up quicker than our income could.
16:41Does it worry you at all that if he were to get in an accident again,
16:45God forbid something even worse happened?
16:47Yeah, we'd be totally screwed.
16:49We have less than a month and a half.
16:50I thought at least two months.
16:52The solution is more income.
16:54And unfortunately, I don't have no other way to think of it.
16:57Right?
16:58I have nothing else.
16:59Well, that's our homework.
17:00That's what I will help you all figure out.
17:01We will figure out ways for you all to make more income.
17:04I've been there.
17:05So I know how you're feeling.
17:07Except my situation was the reverse.
17:09I had the money.
17:10I didn't have the money management piece of it.
17:12But what I did was I started with small wins.
17:15I started with my credit card with the lowest balance.
17:18I think it may have had $200.
17:20I paid that off.
17:21So I was happy.
17:22I celebrated that win.
17:23That gave me the momentum to tackle the next credit card.
17:26And then it was the student loans and the car payment.
17:29The snowball method is a debt reduction strategy where you pay off your debt by starting with the smallest amount that you owe.
17:35You pay the minimum for all of the credit cards except for the one with the smallest balance.
17:40You throw as much money at that one as you can.
17:42Once you pay that off, you roll that entire amount plus the extra into the next smallest debt.
17:48And you keep going until, like a snowball, you pay all of the debt off.
17:52And within 18 months, I paid off $40,000 worth of debt and increased my credit score to over 800.
17:58If I can do it, you can do it.
18:01You're just as capable as I am.
18:03It's two of y'all.
18:05It was just one of me.
18:07So we're going to start with some small wins.
18:09All right?
18:10Yeah.
18:11The small wins will definitely feel motivational.
18:13Right.
18:14Exactly.
18:15It'll give you that momentum and that push that you need to keep going.
18:19All right?
18:21I now know a lot more about what's behind the numbers and where I'll really need to push for change.
18:26My plan for Cory and Nina is to increase their income, reduce their debt, and build their savings.
18:31I really want them to have a safety net in the case of an emergency.
18:34We are going to tackle all of this debt together.
18:38Okay.
18:39Looking forward to it.
18:40We are going to let you know.
18:41Get in there.
18:42Get in there.
18:43Suck.
18:44Oh!
18:45TRASH.
18:46That's why I made it.
18:47That's why I made it.
18:48That's why I made it.
18:49That's why I made it.
18:50What the hell we need to do.
18:55Talking at me got me now. I'm in a lock got me talking in my sleep and boy sleep a lot in there get in there
19:15Look I can't get it up quite right
19:20Parker you still owe me some money you're out here gambling that's disrespect
19:25You know man, I finally got to meet with the financial advisor bruh what the advisor tell you tell me a lot bruh way heavy
19:33Let me talk to y'all real quick. Let's step to the back real quick. Oh, wait a minute
19:36We ain't even talking about the birds and the bees though
19:38Look here, man. You don't know nothing about that with all six kids you got
19:41I truly before meeting that financial advisor thought I made enough money to support my household
19:45My pride is pretty diminished, but me and my friends are really close
19:50They know all my vulnerabilities. They know all my insecurities and I respect their opinion. Oh
19:57What's going on, man? The financial advisor she brought money, right rap 10,000 bands stacks
20:04She was like, this is what you make boom boom boom. I was like
20:07Feeling myself you know, so we're doing pretty good. This how much you owe
20:11I was like what you mean like futuristically by now like right now
20:17We thought we was doing this down the third man. She like no, it's double that. Oh, that's it. It just really hit hard man
20:27Would you be willing to change you know what I'm saying? Like trucking ain't the only thing that you can do
20:32We can we can get you somewhere Nina hit me with well
20:36Why don't you try to go back into accounting? It was hard getting an accounting job when I was fresh out
20:40Now I got 10 years of in relevant experience to try to find something else and then I'm working 13 14 hour days
20:48I don't want to come home and do night classes. I want to come home. I'll be a drinker sit down
20:52I need an adult here. I said, I know it don't make sense. I know it's like Cory. Are you being selfish?
21:01A little bit. All right. All I hear is I
21:06I I I
21:08Cuz I'm the one talking
21:10But you want her to give her all you have to give your all
21:16Even though they may say the same thing that Nina said Nina may not be as honest with me cuz I'm a husband
21:21But these gentlemen come from a place of right and wrong like now. We don't go home with you
21:26We ain't got no reason to cover it up for you
21:28Well, we love you if we couldn't rebeek you exactly
21:30I'm with y'all when y'all right now listen to the advice
21:34I've seen you do all types of hard stuff for real. I know that you can do it
21:38All right today Cory we are putting you to the test yes
21:56You mentioned that Nina
21:58Cannot stick to a budget. Okay
22:00You have the list a
22:02$150 budget
22:04And let's see if you can stick to it. We're gonna follow behind and see how it goes. All right
22:09Cory thinks that Nina overspends on unnecessary items and there's no money left over for the things that he wants and Nina thinks that
22:16Cory is clueless about how much it really costs to run a household today
22:20We're gonna find out who's right and who's wrong
22:22We do need noodles
22:24Have they always cost as much? Have noodles gone up?
22:26Everything has gone up
22:27That is wild
22:28I guess we're gonna get these instead of baked beans
22:30I mean baked beans is just more further down
22:32Further down, yeah
22:34It is so hard to like give control to somebody that I know they don't know what they're doing
22:41Okay, I'll get it
22:42Right, am I missing it?
22:43Boom
22:44Ah, great
22:45It's just faster for me to be able to do it
22:47Bacon!
22:48One of the things I don't yield on is bacon
22:51We'll be broke when we have bacon
22:53Cory, are you adding this up yet?
22:55No, just going with it
22:57Just going with it
22:58Cory's not making any type of like, okay, now we're at $25, now we're at $100
23:03Like he's not doing the mental math
23:05This two for $2
23:07He has no idea how much I penny pinched
23:10I mean it's the price is right every time
23:12$10
23:13Has it always been $10?
23:15This is clearly new territory for you
23:16Right
23:17I am shocked by the items in the store prices
23:20I'm willing to substitute certain things
23:22But I'm also certain things that I'm going to get no matter how high I get
23:25Guys to grab the beer
23:26I thought you were cutting back on the alcohol
23:28I am cutting back, but my friend's birthday this week
23:31All right
23:32I'm just, it's...
23:33He's in charge
23:34Let him take the lead
23:35Let him take the lead
23:40I see a lot of things that are not on the list
23:42You know sometimes the list ain't perfect
23:48We're getting close to that $150
23:50There's a ways to go here
23:52Oh my
23:53We haven't even hit the meat yet
23:54Oh my
23:55Almost at $200
23:57Your turn is going to be $208.61
24:00Things are definitely a little bit more expensive than what I thought it was
24:04Just factored that in
24:05How great of a job Nina is actually doing at managing the budget
24:09Feeding a family of four on $150 is actually phenomenal
24:13It is, I see that more now
24:15At least Cory and Nina pay cash for their groceries
24:18They're doing that right
24:19The reason that I advise clients to pay cash for their groceries
24:22Is because if they put it on their credit cards
24:24And do not pay it off immediately
24:25Which most don't
24:26Yeah
24:27They end up paying two to three times more for those groceries
24:29Because of the interest
24:30That means any items that they got on sale
24:32Weren't much of a discount after all
24:34All right Cory you have $150
24:36So now we are going to play a game called splurge
24:39Or save
24:40You have to figure out what items you're going to keep
24:44And what will go back
24:47Are you ready?
24:48Everything is necessary
24:49All right let's start here
24:50What about the apple jacks?
24:52Do kids love apple jacks this much?
24:54You love apple jacks
24:56Splurge?
24:57I give them my apple jacks
24:59Okay
25:00I give them my apple jacks on them
25:01Let me take this back
25:02That wasn't even that hard
25:03What is the alcohol?
25:04Okay splurge or save?
25:07I'm conflicted man I'm conflicted
25:12Are you?
25:13Can you take this off for me?
25:15Yeah sure
25:16That's cool
25:17170
25:18All right
25:19Okay
25:20That's gonna take off my soda
25:21The soda
25:22All right
25:23I really want my alcohol
25:25I'll put back the energy drink
25:28You'll put back the energy drinks
25:30And get your alcohol
25:31Boom
25:33Good job
25:35It's shocking
25:36Cause it's the little things
25:38And so many little things add up
25:40Who knew me enjoying this particular item
25:43Will blow my budget
25:45Mmm
25:46I respect the job my wife has always done with the money
25:48But now knowing and realizing that I'm not providing as much as I thought I was for her to make her job easier
25:54It's the eye opener
25:56Don't pick up nothing else
25:58Corey's been in three accidents
26:01What if they had it turned out differently?
26:03What would you do?
26:04All I can do is pray
26:07There you come something
26:08Do you have an idea of why we're here?
26:25No
26:26I am here to paint a financial picture for you
26:30Okay
26:31Knowing what I know now about Corey and Nina's finances and the number of accidents that Corey's had
26:37I'm really concerned about their ability to manage an unexpected catastrophe
26:42Mother to mother I just really want to have a conversation with Nina without Corey
26:46To figure out what she would do if the worst were to happen
26:49I brought you specifically to a scrapyard because Corey's been in three accidents
26:53You are one medical emergency
26:56One job loss away from financial ruin
26:59And I'm not wishing that energy on you
27:01Absolutely not
27:02But what if they had it turned out differently?
27:04What would you do?
27:05Emotionally
27:07I can't go there because I'll never get out of bed
27:10I've been with the same man for 16 years
27:1319 years old
27:15Both growing up together
27:17Raised him I feel like myself
27:19And
27:20He's so much a part of me
27:23And to know I could not see him tomorrow
27:26It's earth shattering
27:28All I can do is pray
27:33There he comes on me
27:35It's about protection right?
27:38Absolutely
27:39It's about having a real solid contingency plan
27:43In case something bad does happen
27:45Because when life gets hard you all cannot afford to be crushed
27:49All right let's bring Corey in okay?
27:55Okay
27:56I know we're in a tough bind and this could definitely be us of being crushed with one lost job or if something happened to him on the road
28:06Can you share with Corey some of what you shared with me?
28:09With the three accidents in two years if you were gone like we would shatter
28:14But at the end of the day I'm still here
28:16You know so that's what I want you to more so focus on
28:19Not the shoulda woulda couldas because they didn't
28:23So what's the plan right?
28:25So we always hope for the best
28:27Plan for the worst
28:28But plan for the worst
28:29And so that was the whole point of this exercise
28:31Is to help you come up with a solid contingency plan
28:37Are you okay?
28:38It's a deep breath on it
28:40Because you don't want to go there
28:41You don't want to think about the worst
28:42Of course
28:43I mean I have a four year old daughter
28:44One of the first things that I did when she was born
28:46Was get life insurance
28:48Yep
28:49In an estate plan
28:50I always encourage self-employed clients like Corey
28:53To have a variety of insurance
28:55And not just the basic medical insurance
28:58I recommend disability insurance
29:00And that basically covers you in the event of sickness
29:04The insurance will pay a portion of your income
29:07I also recommend hospital indemnity insurance
29:09And basically that insurance covers you if you're hospitalized
29:12So you get a lump sum per day that you're in the hospital
29:15I had this fortunately when I delivered my daughter early
29:19She was in the NICU for two weeks and I walked away with about $8,000
29:22Which paid my lost income
29:24It's important to safeguard your most valuable asset
29:27Which is your ability to earn an income
29:29My contingency plan would be the life insurance policy
29:32Downsize the house
29:33And that should buy us time enough to be able to create a different source of income
29:38What can you rely on? Can you rely on your part-time income?
29:42If something were to happen to him?
29:44I would have to go full-time
29:45So I'm thinking something that has to do with your major, right?
29:48You're a business management major?
29:49To go into management, that's extra stress with two kids
29:52But as a parent, you have to do what you have to do
29:54For me to get a job in business management
29:57After I've been out for seven years
29:59It's the same thing of like him having to draw at square one for accountancy
30:03Because he doesn't have the credentials anymore
30:06Didn't you just get a certification that I paid for?
30:08But I just got that
30:09But it's beforehand
30:10So then for one, ain't that a little bit more current?
30:12Did you say May of this year?
30:13Do you know how many free courses it is to be a personal bookkeeper?
30:16You can make the same amount that you're making now
30:19And you can be freelance
30:20But you wouldn't know the research to be able to make that happen
30:22I wonder why I wouldn't know that? Why wouldn't I know that?
30:25You have Saturdays and Sundays, honey
30:27I don't know why you wouldn't
30:28No, that's fair
30:29This is something that really drives the point home for me
30:32In the past year, 23% of Americans have had a financial catastrophe
30:38I just don't want you to be a part of that 23%, okay?
30:43I still don't think that they're really getting it
30:46As a parent, you have to do what you have to do to take care of your kids
30:49And I cannot imagine being this nonchalant
30:52And reckless about their financial future
31:01You complain about the life you have
31:03But aren't contributing financially
31:06Other jobs
31:07Are you willing to do anything?
31:08Well, we're not gonna do that
31:09What we're not gonna do is make it seem like I don't contribute
31:12Can you fit the rhythm like 1, 2, 3? 1, 2, 3?
31:24Hey, hey, hey, hey, roll, roll, roll, roll
31:26What's going on? What's going on?
31:28What is good with the peeps?
31:30Hi, Andre, how are you?
31:31Hey, what's going on?
31:32After speaking with Leah, she gave us a lot to think about
31:35Unfortunately, we're at an impasse
31:37Me and Nina decided to bring in reinforcements
31:40You know, put our hands together
31:41Some people we really trust to talk it out
31:43This is my older sister, so I'm the baby
31:46She just came back from Japan
31:47It was China, fool
31:48It was China
31:50We decided to come back to Texas
31:52Because Nina was like, hey, we can be each other's village
31:55You know, my son is 5
31:57Her the girl is 6 and 7
31:59So like, perfect
32:00I'm just glad that you're finally here
32:02Just stop
32:03All that emotion
32:05How was meeting the financial advisor?
32:08Emotionally exhausting, honestly
32:10Mmm
32:11I don't make enough money
32:12Compared to the expenses
32:14The reality is that we're on our last leg
32:17And that we may not have the catch-up that usually people have
32:22Like, we need a new roof
32:23You know, if he lost his job, if he died tomorrow
32:25You know, like, we don't have that fallback as much as we should have
32:29And then she said something that I think Nina needs to speak on a little bit more about
32:33How do you have a one-income household with two capable adults
32:38But it all falls on his shoulders
32:40But then you complain about the life you have financially
32:44But aren't contributing financially
32:46Are you willing to do other jobs?
32:49Are you willing to do anything?
32:50Well, we're not going to do that
32:51Mommy did
32:52What we're not going to do is that
32:53It's cool what they do
32:54Can I go to my room?
32:55What we're going to do is make it seem like I don't contribute
32:58I'm not saying you don't contribute
33:00No, you're going to sit here and you're going to take it
33:01And you're going to watch it
33:02And whip it
33:03I'm still in my room on me
33:04Whoo!
33:05This is the easy math
33:07If I make $40 an hour, right?
33:11And Nina gets a job that makes $20
33:13That allows me to cut back on the amount of work I do
33:17Because my 40-an-hour job requires me to spend so much time away from home
33:21It takes away my availability
33:23So if she ends up taking off some of the financial burden off me
33:26I can take some of that home stuff off her
33:29I understand that
33:30Hold on
33:31So you feel that her working will have you work less
33:35Correct
33:36So you work in less hours, then that's less money
33:39So it's like, okay, well, we're going backwards
33:41Then what our goal is
33:42Her money should be added to that
33:43The math don't make sense
33:44I get you
33:45Unless you're willing to pivot
33:46Wrong one built in a day
33:47You know what I'm saying?
33:48Come on, come through
33:49Don't get my past, hold me back when we can't even see the future no more sister
33:52Don't amen him
33:53Don't amen him
33:54I said I was wrong
33:55I got some realization
33:56We coming up with some plans that ain't taken to effect yet
33:58In his name, in his name, in the name
34:00Right, we ain't taken to effect yet
34:01Cory's favorite thing is I need time
34:03What's wrong with right now?
34:05He's been talking for years about getting out of trucking
34:08What are your goals?
34:10To be financially stable
34:11Okay, so what does that look like?
34:12How do I measure that and what time is on that?
34:14You know, like I spoke to Nina and she says, hey, I'm five years
34:17Like I want a bigger home
34:18Like she wants more space, right?
34:20The kids want a bigger backyard and things like that
34:22So it's like, okay, if that is her goal
34:24That needs to be y'all goal
34:25And how do you reach that in five years?
34:28Okay
34:29Once you have that goal, you're gonna sacrifice
34:32You're like, hey, we gonna grind for these two years
34:34For the next six months, two years, whatever
34:35Absolutely
34:36The sacrifice I'm making won't change
34:37That's a conversation for Nina
34:39Because she's the one getting the job
34:41Yeah
34:42I'm continuing with my 16 hour days that I've been doing
34:44Yeah
34:45So think about it just a little bit
34:46We can make the smart goals
34:48But if y'all are gonna keep bucking heads about availability and hours
34:52That don't work no way
34:53You know the 16 hours ain't viable
34:55Sounds like the job don't work
34:57I do understand the willingness that I need to be able to like
35:01Find aftercare and the very pitfalls that keep me from going back to work fully
35:07I'm doing the best that I can with what I have
35:10I know I need to dig into that and kinda like let go and let God on that one
35:14I am happy to help you in any way that I can
35:17If I need to take the children half of the week so that you can, you know, work
35:22I'm here for you
35:24I'm gonna help you get to where you can in any aspect that I can
35:28I knew you was my people
35:30I knew it
35:31I knew what I saw
35:32That takes honestly a lot off the plate of it because it's like $300 a week to be able to do five days of working
35:39So even half the week would be tremendous
35:42Yes, I got you girl
35:43My sister offering to help with childcare is the biggest relief
35:47Because I know she's gonna take care of my kids just like I would
35:50And to be frank, that's the real biggest hurdle of actually going outside to get a job
35:55Now it's up to us to find the career opportunities for us to reach our goals
35:59No pressure
36:00Thank you for coming in today
36:05It's been a few weeks since I've spoken to Cory and Nina and it did not seem like they were taking their finances seriously enough
36:11How are things going?
36:30How are things going?
36:31Are there any updates?
36:32I think we did make some progress and we
36:35kind of put our emotions aside a bit and looked at logistics so
36:37It was very difficult at first
37:08We personally committing it to it being a we
37:10It's not just a her, it's not just a me, but it's us together
37:13You know, you feel almost reconnected us
37:15I'm glad to hear that
37:17So have there been any small wins, any big wins?
37:20My sister has offered us childcare half the week
37:24I love that for you, it's great to have a community
37:26Yeah, right
37:27It's great to have a village
37:29Mm-hmm
37:30I'm very picky about who watches
37:31I am too
37:32My kids
37:33So sister helping out, coming in the clutch opens up me to
37:38Make the hard decision
37:39To say I can't go straight into the career I thought I was going to go into
37:44What type of work are you looking at?
37:46Right now I'm looking into healthcare but entry level positions
37:51That's awesome
37:52What about you, Corey?
37:53I did recently with the guidance of my wife
37:56Brought myself open to apply for jobs that actually would somewhat require my degree
38:01And show my transferable skills and I was able to actually get hired on
38:05I am so proud of you, that is awesome news
38:08What will you be doing?
38:10I'll pretty much be a driver manager
38:12Okay
38:13So my job is to make sure they're maximizing their miles
38:16Staying on top of their regulations
38:18Long story short, I'm making sure they make good money so they can make me good money
38:21Okay
38:22And is it about the same salary?
38:23It's about the same salary
38:24Okay
38:25But less hours
38:26Okay
38:27So really if it's the same pay and less hours
38:29If you break it down hourly, it really is a pay increase
38:31Yes
38:32Absolutely
38:33I can be home more
38:34And I now look around and see what I can do that she possibly couldn't get to
38:37Instead of waiting for her to get to it
38:39And then by having that set schedule, she has those opportunities to go have those girls
38:44That she may want or able to tell a potential employer
38:47Yes, I have a set schedule that I can be at because I don't have to worry about my kids
38:50Absolutely
38:51It's a relieving feeling and it makes me feel more involved
38:54I love that
38:55I hate that it took four people to tell him what I've been saying
38:58But I'm overjoyed because A, I was right
39:01And B, it's beneficial to our family
39:04He can actually put the kids down
39:05He can actually have dinner with us
39:07And I get to see him in some khakis and a good shirt, you know, so I'm excited
39:12I'm trying to contain it because I don't want to do the Tom Cruise and hop on your chairs
39:17There's a growth potential
39:19Mm-hmm
39:20It's like almost 200K
39:21So if that hits the way it's supposed to hit, you know, I can be able to turn that table that you scarred in my head
39:27All around
39:29200K plus maybe a new job for you?
39:32That's awesome
39:33That is amazing
39:34Yes, I feel like it was hard going through this process
39:36But I think it brought us together to be able to say we need to be more of a team in the finances
39:42And not just Nina taking it all on
39:45So I'm happy I can actually have a conversation on the same wavelength now
39:49If you can communicate about money, you can communicate about almost anything, right?
39:53Yes
39:54So I didn't call you, but I'm glad that he did
39:59Thank you
40:00I'm not going to cry, you're going to cry
40:02Y'all had me a little worried for a while, but y'all came through
40:06And y'all did even better than I could have imagined
40:09Congratulations
40:10I'm so happy for y'all, I'm so proud of you
40:13I'm pleasantly surprised by Corey and Nina's wins
40:16Corey's already found a new job
40:17And Nina is eliminating her largest employment barrier and expanding her job search
40:22They're making huge steps to increase their income
40:25They are managing their monthly expenses together
40:27And most importantly, they're communicating about money
40:31So sexy
40:32Bring it in, give me a hug
40:33Thank you so much
40:34I'm proud of you
40:35Money conversations are hard, but they're healthy
40:37Sometimes you just need an objective third party to weigh in when you disagree
40:40Talk to people who have been there and successfully navigated their way through
40:45Okay, now come feed me
40:46As long as it's within budget
40:48You don't have to be stuck in a financial situation when there are options out there
40:52Your money story is yours to rewrite
40:55Next time on Maxed Out, you actually owe $80,000
41:09Wait a second
41:11Miss Diana has nominated her daughter
41:14What do you do when you're not able to cover your expenses?
41:17I ask my parents
41:18I'll raid my closet
41:19Miss Diana is definitely an enabler
41:21You're helping everyone else
41:23You don't have retirement
41:24You're 62
41:25This can't keep happening
41:26I'm not living under the bridge for nobody
41:28If you want to move back home, I need you to be transparent with your dad
41:31Mm-hmm
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