- 7 hours ago
Maxxed Out - Season 1 Episode 1 - Love Is Hard, Money Is Harder
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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 it's coming off the top?
00:11You said it.
00:11Oh, wow.
00:12I am Leah Collins, and I'm a financial relationship coach.
00:16But 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.
00:35Check me out.
00:37Yeah, yeah, yeah.
00:40Check me out.
00:42Today, I'm going to meet Corey and Nina.
00:46Corey is a local truck driver, and Nina
00:48is a stay-at-home mom to two beautiful girls.
00:50Corey nominated Nina because he feels
00:53like she's out of touch financially
00:56and maybe just a little complacent.
00:58This is very common with couples where one focuses
01:01on the earning and one focuses on the spending,
01:03and they end up on different pages.
01:05But that's OK.
01:07I 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.
01:19Let's get it, let's get it.
01:20Let's get it, let's get it.
01:21Corey?
01:22Hi!
01:23How are you?
01:24I'm doing good.
01:25I am so happy you're here.
01:26Yes, it's a pleasure.
01:27I love your home.
01:29Thank you, thank you.
01:30We try to keep it clean.
01:31Yeah.
01:31So how are you doing?
01:32Oh, I can't complain.
01:33What's going on?
01:34Tell me.
01:34Long story short, I think my wife is draining me.
01:36Mm-hmm.
01:37She's buying a lot of unnecessary things.
01:38She's buying a lot of knick-knack paddywacks.
01:40A lot of things that may seem small at first, but 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, but then when I hear stories like, we can't
01:53afford this, it 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'm telling 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 I'm committed to actually going
02:13forth with it.
02:14Okay.
02:15So it's going to be a little bit of a surprise, I think, but this is how serious I am about
02:18it.
02:19Hey, 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.
02:26I'm Nina.
02:27Nice to meet you, Nina.
02:28I'm a hugger.
02:29Oh, hi.
02:30That is our financial advisor.
02:35You've never done anything this quickly before.
02:37I am very serious.
02:38Okay.
02:39So how much has he told you?
02:41Not much.
02:42He said that he is a little concerned with the spending.
02:45He doesn't really understand where all the money goes.
02:48He's trying to figure out if he makes enough, if it's a spending issue.
02:51Kelly Pross, can we back up real quick?
02:54Are you making the statement that I am mismanaging money?
02:58No, you're not mismanaging, because that makes it seem like you're doing it on purpose, or you
03:02don't know what you're doing.
03:03Okay.
03:04I'm just saying you're fully aware of what you're doing.
03:06Chestnut may not know the effects of what you're doing.
03:11I am radiating with heat.
03:13I am just livid.
03:14The audacity that he has the nerve to nominate me after I manage the household and make sure
03:20he has clothes on his back, shoes on his feet, food in his baby's mouth, and he nominates
03:25me.
03:26We talked about it.
03:27We had the conversation.
03:28Do you think we need a financial advisor?
03:30I always hear you not take the lead.
03:32I always hear you're not here to do anything.
03:34All of this is on me.
03:35So I was like, the least I can do now is call a financial advisor to see if there's
03:41mismanaging of the funds.
03:42You know, I'm trying to make sure there ain't no numbers doing magic.
03:44That's all I'm trying to do.
03:45Make sure there ain't no numbers doing magic.
03:47You think I'm scamming off the top?
03:48Hey, you said it.
03:49Oh, wow.
03:50You said it.
03:51Oh, wow.
03:53Take that back.
03:54Pass that back.
03:55Pass that out.
03:56You got my eyebrow twitching.
03:59We have been together overall 16 years.
04:02In college, he had a body, okay?
04:05He had an eight pack.
04:06He was young and tender, and he had a butt.
04:09So that was my thing.
04:11Originally, I did not like Nina at all because her ex-boyfriend was a friend of mine.
04:15So I never looked at her in that way until I looked at her in that way.
04:18Me and her share a degree in business, so it forced us to spend more time together.
04:22And as time went along...
04:24Enemies turned lovers.
04:25We've been married a grand total of 10 years.
04:28And we have two beautiful little girls.
04:31I'm a freelance commercial truck driver making anywhere between $60,000 and $70,000 a year.
04:35So our household is a one-income household provided by me.
04:39Except yours truly, because I donate to that income.
04:46I am a full-time stay-at-home mom, but I'm also a freelance voice actress.
04:52We wouldn't survive if I didn't actually chip in.
04:57Do you have an idea of your monthly expenses?
05:00Do you have an idea?
05:01As the person who makes the money, I expect the expenses to be paid.
05:08Okay, so that's a no. Do you know?
05:10I know. It's about $3,300.
05:11About $3,300?
05:12So who would you say is the spender or the saver?
05:16You'll probably say she's the spender, I'm assuming.
05:18I'm also the saver.
05:20Okay.
05:21He knows how to make money, but he doesn't know how to save money.
05:23Which is interesting that you say she doesn't manage the money well, but you're not really involved in the management of it.
05:29So that's something we're going to get into.
05:31I am not particularly financially involved with the budgeting, because I'm not home.
05:35What is you having to be at home?
05:37Anything to do with you making a financial plan, like you think you're the only guy that goes to work?
05:42Most people work.
05:43To me, it's an excuse that I go to work.
05:45Because if I went to work, I would have to still do the expenses, the kids, all of that.
05:50Like, now it's 365, 24-7.
05:52Right, you don't get a break.
05:53And then you have a partner who has abdicated responsibility and involvement.
05:59It's on you.
06:00What if something were to happen to her?
06:01Do you know who your cable provider is?
06:04Would you even know how to pay that bill?
06:05Oh, absolutely.
06:06I'm not a Niagara dog.
06:08That's the one bill that comes to his email.
06:11Right, right, right.
06:12Do you know the water?
06:13I do not know the water.
06:14Do you know the energy?
06:15Who are we with?
06:16Who are we with?
06:17Do you know who our mortgage company is?
06:19Round Rock.
06:20No.
06:21Do you know who are the kids set up with when it comes to recreation?
06:26Do you know?
06:27No, I don't.
06:28I ain't gonna lie to you.
06:29That's why it's important for you to be involved.
06:31I recommend that couples have money meetups at least once a month just to make sure that
06:36both parties understand the money coming into the household, the money going out.
06:40Make it fun.
06:41It could be kind of like a date night.
06:42Do it over coffee, over a glass of wine.
06:45Planning your financial future can be romantic.
06:48What?
06:49Only to somebody who cares about my romantic girl.
06:52It is!
06:53If you're thinking about your goals and your future and buying a house and having kids
06:57and how you're going to do it, how is that not fun and romantic?
07:00What?
07:01Maybe it's just me.
07:03No, I love you.
07:04I love you, Leah.
07:05You mentioned the voice artist's passion.
07:10Do you currently get income from that or how does that work?
07:14I do.
07:15Okay.
07:16I do get income from voice acting.
07:17Okay.
07:18About how much?
07:19Between 20 to 35 a year.
07:22It's not on a consistent basis to where it can be beneficial.
07:25Like, I can appreciate the months when you may bring in four, five, six grand that month.
07:31It's the four months after that where I get five, $200 for that month.
07:36And you have a management degree?
07:38I do.
07:39Business management.
07:40Okay.
07:41So I wanted to go back to work after I had my first kid, but it was just a circumstance that happened.
07:45I wanted her to be a stay-at-home.
07:46I'm proud that she's a stay-at-home mom because I don't trust people with my kids.
07:49Mm-hmm.
07:50And at the time, I made enough for us to thrive off of.
07:52It has changed.
07:53And then be able to do what you call it.
07:54Because I'm taking pride.
07:55Thrive to you.
07:56Excuse me.
07:57I 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, he thinks of it as like, man, that's astronomical.
08:15She could have a million dollars.
08:17But if a million dollars ain't gonna cover what she wants to do, she'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?
08:25Financially, to be able to be at a point where I don't have to second guess going grocery shopping.
08:32I want to be able to have a vacation once a year, and I want a bigger house.
08:37I want us to be able to dream bigger and set bigger goals for ourselves.
08:41In the next one to three years, I would like a four to five-bedroom house that has soundproofing for my voice acting and 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.
08:55Enjoy.
08:56Yes.
08:57This is my Money Moves Makeover Workbook, and I want you to identify your three main values.
09:04And once we do that, and I receive your financials, I am going to determine if your spending aligns with your values.
09:12Okay?
09:13Mm.
09:14She gave us homework.
09:15She gave us homework.
09:16She gave us homework.
09:17I'm studious.
09:18I don't mind homework.
09:19I didn't sign up for that.
09:20I'm thinking you finna come in and be like, hey, do this, do this, and we out.
09:23Nina, cut out the knickknacks, 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.
09:38The tables have turned.
09:40You are one medical emergency, one 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.
09:59I've been on a roll.
10:00I've been doing big things.
10:01Not enough for the money.
10:02I've been chasing my dreams.
10:03Hop up on the scene.
10:04Doing my thing.
10:05Up, up, up.
10:06That's where I'm going.
10:07Hello.
10:08Hello.
10:09How are you?
10:10How are you?
10:11Doing good.
10:12How are you?
10:13Good.
10:14How many are you still together?
10:15Good.
10:16About a hair of a shinny chin chin.
10:18Shinny.
10:19After reviewing Corey and Nina's bank statements and their financials, I have a game plan that I
10:24would like for them to consider.
10:26I'm just not sure how receptive they'll be.
10:28Thank you for sending over your financials.
10:30I did have time to review them.
10:32And I really want to show you all the reality of what your income is.
10:37Reality sucks.
10:39It looks real good.
10:42We going to El Pablo.
10:44Come on, this is your income, which is about $65,000.
10:48That ain't mine.
10:49That ain't mine.
10:50And next, I want you to see your debt.
10:53Oh, no.
10:54That ain't going to look good.
10:55No, that ain't going to look good at all.
10:56I don't know.
10:57We talking about total something.
10:58Your total debt.
10:59Your liability.
11:00Mm.
11:01Mm.
11:02Mm.
11:03Good thing.
11:04Mm.
11:05Cool.
11:06Come on, now.
11:11Your total debt is $250,000 compared to your income of about $65,000.
11:21I'm overwhelmed.
11:22What are you saying?
11:23Shit.
11:24That's a quarter million.
11:25This feels suffocating.
11:26Mm-hmm.
11:27I didn't like that.
11:28I didn't like the visual.
11:29I wanted to turn the table around and say, my debt is my income, and that is my debt,
11:34because that's really what it probably needs to be.
11:37It can't be the other way around.
11:39Yeah.
11:40In addition to this, I also looked at your expenses.
11:43You mentioned during our last session that your expenses are about $3,300 a month.
11:47Mm-hmm.
11:48It's actually about double that.
11:49Stop.
11:50Mm-hmm.
11:51What are we counting?
11:52Insurance payments.
11:53Church.
11:54I saw church tithing.
11:56Your cars, right?
11:57A lot of alcohol expenses.
11:59That's true.
12:00That's facts.
12:02I'm going to have to quit drinking.
12:04He'll say that today, and he'll be back two months later.
12:06You are 100% correct.
12:07The one thing Corey's not giving up is his alcohol.
12:10You right about it.
12:11I don't disapprove of it.
12:12That's the vibe I got.
12:13Listen, I don't disapprove of you drink alcohol, because I drink alcohol, too.
12:18I just wish we had more funds to have other luxuries like date night, because it's really important
12:23to me.
12:24You actually love me.
12:25I appreciate that.
12:26I really do.
12:27I want you to identify where you can cut spending, but for the most part, you're pretty
12:32good at managing your finances.
12:34Great job.
12:35Yeah.
12:36It's really an income issue.
12:38Mm.
12:39Hearing those words, gun punch.
12:42It's a hard pill to swallow.
12:45The median household income in Dallas is $145,000, and you all make less than that.
12:51A lot of us.
12:52And you're supporting a family of four.
12:54Mm-hmm.
12:55So I think we need to start there to figure out how we can generate more income into the
13:01household.
13:02Cory and Nina's expenses are pretty on par for a family of four.
13:07Their total monthly debt is about $2350.
13:11After reviewing Cory and Nina's values and goals, it's clear that they want that bigger
13:15home in the near future.
13:17However, they have to lower their debts and increase their income in order for any of that
13:21to happen.
13:22And they're only paying the bare minimum on their credit cards.
13:25And at this rate, they'll never get out of this debt.
13:27I guess I could try to work 80 hours a week instead of sex.
13:30It's not even about increasing your hours.
13:33We're just not making enough.
13:35But the expectancy of our relationship was that he would get into accounting.
13:40When I graduated college, I graduated with an accounting degree.
13:43I did accounting for maybe my first three to six months after college.
13:47Completely hated it.
13:49If I would have stuck with accounting, I'm pretty sure that I'd be making well within six
13:54figures comfortably at this point in time.
13:58And we could have been more successful than we are now.
14:03I wish it was just as simple as, you know, hey, get out the truck, use your degree.
14:08But even when I was trying to get the first accounting job, it was always, you ain't got no experience.
14:12Do you have an issue with her going back to work?
14:14No.
14:15If that's something she wanted to do, I definitely support doing it.
14:18It's really...
14:19What was that face for, Nina?
14:21Because she doesn't want to go.
14:24What about remote jobs, remote opportunities?
14:26Is that something that you'd be interested in?
14:28I got my certification in medical coding and billing.
14:31Okay.
14:32So the caveat is when you first get your certification, you have an apprentice on it.
14:37So you need, like, a lower level job.
14:40I need $20 an hour to justify walking out of my house.
14:44Everything logistically has to match up with his schedule, my schedule, what the kids need.
14:49People do it every day.
14:51They can do it, you can do it.
14:53No, I do not want to go back to work at all.
14:56Because what's going to happen to my kids?
14:58I'm a mom of their first.
14:59You know, like, I have to know that they're good, they're taken care of.
15:02And childcare is astronomical.
15:05So that's the real weight.
15:08I'm a single mom.
15:09I do have a strong community where I live.
15:11Every job that I've received, actually, has always been through someone I know.
15:14So it's very important to get out there, go to networking events, make those connections.
15:19Because we're not financially where we need to be, I almost feel like I can't even afford to have friends.
15:25Because it costs to go out.
15:27I do hear you on the, like, a lot of excuses.
15:30It sounds like a lot of reasons, girl.
15:32The logistics.
15:34People do it all the time.
15:35You're more than capable of doing it.
15:36Y'all are both very intelligent, very educated.
15:39You can figure it out.
15:40Absolutely.
15:41Okay?
15:42Because you have about $3,000 worth of savings.
15:46If, Corey, you lose your job, that's going to get you through, what, half of the month.
15:50Mm-hmm.
15:51And that's it.
15:52Yeah, that's reality.
15:53Yeah.
15:54I did notice that you all bought two cars within the last two years, I believe.
15:59Mm-hmm.
16:00Like, I had three different car accidents in the same year.
16:02One was digitally my fault.
16:04One was a hit and run.
16:05And another one, we had a blowout.
16:07And did you have a trekking accident?
16:09Oh, the big accident.
16:11It was the beginning of our marriage.
16:12Marriage, yes.
16:13It was about, uh, about nine years ago or so.
16:15I got hit with an 18-wheeler.
16:17I got pimp between two trailers.
16:20I was at the wrong spot.
16:21And I broke my arm, I think, in three places.
16:26And the wrist was shattered.
16:28Yeah.
16:29Part of his bicep was missing.
16:31Complete graft.
16:32He was in ICU for four days.
16:34Six, seven months, I was off of work.
16:36A lot of debt built up quicker than our income could.
16:39Does it worry you at all that if you were to get in an accident again, God forbid, something even worse happened?
16:45Yeah, we'd be totally screwed.
16:46We have less than a month and a half.
16:48I thought at least two months.
16:50The solution is more income.
16:51And unfortunately, I don't have no other way to think of it.
16:55Right?
16:56I have nothing else to do.
16:57Well, that's our homework.
16:58That's what I will help you all figure out.
16:59We will figure out ways for you all to make more income.
17:01I've been there.
17:03So I know how you're feeling.
17:05Except my situation was the reverse.
17:07I had the money.
17:08I didn't have the money management piece of it.
17:10But what I did was I started with small wins.
17:12I started with my credit card with the lowest balance.
17:15I think it may have had $200.
17:17I paid that off.
17:18So I was happy.
17:19I celebrated that win.
17:20That gave me the momentum to tackle the next credit card.
17:23And then it was the student loans and the car payment.
17:26The snowball method is a debt reduction strategy where you pay off your debt by starting with
17:31the smallest amount that you owe.
17:33You pay the minimum for all of the credit cards except for the one with the smallest balance.
17:37You throw as much money at that one as you can.
17:39Once you pay that off, you roll that entire amount plus the extra into the next smallest debt.
17:45And you keep going until, like a snowball, you pay all of the debt off.
17:49And within 18 months, I paid off $40,000 worth of debt and increased my credit score to over 800.
17:56If I can do it, you can do it.
17:58You're just as capable as I am.
18:01It's two of y'all.
18:02It was just one of me.
18:04So we're going to start with some small wins, all right?
18:07Yeah.
18:08The small wins will definitely feel motivational.
18:10Right.
18:11Exactly.
18:12It's going to give you that momentum and that push that you need to keep going.
18:16All right?
18:18I now know a lot more about what's behind the numbers and where I'll really need to push
18:22for change.
18:23My plan for Cory and Nina is to increase their income, reduce their debt, and build their savings.
18:29I really want them to have a safety net in the case of an emergency.
18:32We are going to tackle all of this debt together.
18:35Okay.
18:36I'm looking forward to it.
18:42Three, two, one, three.
18:45I just hear that money talk.
18:48Money talking at me, got me now, I'm in the lock.
18:53Got me talking in my sleeping boys, sleep a lot.
18:56Get in there.
18:57Get in there.
18:58Suck.
18:59Oh!
19:00Tracks.
19:01That's why I made it.
19:02That's why I made it.
19:03Tracks.
19:04What up, dawg?
19:05What up, dawg?
19:06How y'all feel, man?
19:07I'm out.
19:08Dying, man.
19:09I see him take this ass-whooping dog.
19:12Look, I can't get it up quite right.
19:13Nah, you know, that's that ED.
19:15That's that ED.
19:17Parker, you still owe me some money.
19:18You're out here gambling.
19:19That's disrespectful.
19:21Cory, you had a long day today?
19:22You know, man, I finally got to meet
19:24with the financial advisor, bruh.
19:26What the advisor tell you?
19:27Tell me a lot, bruh.
19:28Way heavy.
19:29Let me talk to y'all real quick.
19:30Let's step to the back real quick.
19:31Oh, wait a minute.
19:32We ain't even talking about the birds and the bees, though.
19:34Man, look here, man.
19:35You don't know nothing about that with all six kids you got.
19:38I truly, before meeting that financial advisor,
19:40thought I made enough money to support my household.
19:43My pride is pretty diminished.
19:45But me and my friends are really close.
19:47They know all my vulnerabilities.
19:49They know all my insecurities.
19:50And I respect their opinion.
19:52Oh, man.
19:54What's going on, man?
19:55The financial advisor, she brought money, right?
19:58Rap, $10,000 bands, stacks.
20:00And she was like, this is what you make.
20:02Boom, boom, boom.
20:03I was like, feeling myself.
20:04You know what I'm saying?
20:05We doing pretty good.
20:06This is how much you owe.
20:07I was like, what you mean, like futuristically?
20:12Like, no, like right now.
20:13Right now.
20:14We thought we was doing this, that, and the third.
20:17Man, she's like, no, it's double that.
20:20Double that.
20:21It just really hit hard, man.
20:24Would you be willing to change?
20:25You know what I'm saying?
20:27Trucking ain't the only thing that you can do.
20:29We can get you somewhere.
20:31Nina hit me with, well, why don't you
20:33try to go back into accounting?
20:34It was hard getting an accounting job when I was fresh out.
20:37Now I got 10 years of irrelevant experience to try
20:40to find something else.
20:41And then I'm working 13, 14 hour days.
20:45I don't want to come home and do night classes.
20:47I want to come home happy and drink and sit down.
20:49And then you go to adulthood, young buck.
20:52He said, I don't want, I don't want.
20:54I said, I know it don't make sense.
20:56It's like, Corey, are you being selfish?
20:58A little bit.
20:59All right.
21:00A little bit.
21:01All I hear is, I, I, I, I.
21:04Because I'm the one talking.
21:05I'm the one talking, cut.
21:06But you want her to give her all.
21:09You have to give your all.
21:12Even though they may say the same thing that Nina said,
21:15Nina may not be as honest with me, because I'm a husband.
21:17But these gentlemen come from a place of right and wrong.
21:21Like, we don't go home with you.
21:22We ain't got no reason to cover it up for you.
21:25Well, we love you if we couldn't rebeak you.
21:27Exactly.
21:28I'm with y'all when y'all right, man.
21:30Listen to the advice.
21:32I've seen you do all types of hard stuff.
21:33For real?
21:34I know that you can do it.
21:43Hey, y'all.
21:44Hey.
21:45Nice to see you.
21:45Good to see you, Corey.
21:47Good to see you, Corey.
21:48All right.
21:49Today, Corey, we are putting you to the test.
21:52Yes.
21:53You mentioned that Nina cannot stick to a budget.
21:56OK.
21:57You have the list, the $150 budget.
22:00I feel like I'm going to do that.
22:01And let's see if you can stick to it.
22:03We're going to follow behind and see how it goes.
22:05All right?
22:06Corey thinks that Nina overspends on unnecessary items,
22:09and there's no money left over for the things that he wants.
22:12And Nina thinks that Corey is clueless about how much it really
22:14costs to run a household.
22:16Today, we're going to find out who's right and who's wrong.
22:19We do need noodles.
22:21Have they always cost as much?
22:22Have noodles gone up?
22:23Everything has gone up.
22:24That is wild.
22:25I guess we're going to get these instead of baked beans.
22:27So I mean, baked beans is just more further down.
22:29Further down.
22:30Yeah.
22:31It is so hard to, like, give control to somebody that I know
22:36they don't know what they're doing.
22:38OK.
22:38I'll get it.
22:39Right.
22:39Am I missing it?
22:40Boom.
22:40Ah, great.
22:41It's just faster for me to be able to do it.
22:44Bacon!
22:45One of the things I don't yield on is bacon.
22:48We'll be broke when we have bacon.
22:50Corey, are you adding this up yet?
22:52No.
22:53Just going with it.
22:54Just going with it.
22:55Corey's not making any type of, like, OK, now we're at 25.
22:59Now we're at 100.
22:59Like, he's not doing the mental math.
23:02It's two for $2.
23:04He has no idea how much I penny pinched.
23:06I mean, it's the price is right every time.
23:09$10.
23:10Has it always been $10?
23:11This is clearly new territory for you.
23:13I am shocked by the items in the store prices.
23:17I'm willing to substitute certain things,
23:19but I'm also certain things that I'm going to get
23:20no matter how high I get.
23:22Guys to grab the beer.
23:23I thought you were cutting back on the alcohol.
23:25I am cutting back.
23:26But my friend's birthday this week.
23:28All right.
23:29I'm just, it's, it's, it's, it's, it's, it's, it's, it's.
23:30He's in charge.
23:31Let him take the lead.
23:37I see a lot of things that are not on the list.
23:39You know, sometimes the list ain't perfect.
23:45We're getting close to that $150.
23:47There's a ways to go here.
23:49Oh, my.
23:50We haven't even hit the median.
23:51Oh, my.
23:52Almost at $200.
23:55Your turn is going to be $208.61.
23:58Things are definitely a little bit more expensive
24:00than what I thought it was.
24:01Just factored that in, how great of a job Nina is actually doing
24:04and managing the budget.
24:05Feeding a family of four on $150 is actually phenomenal.
24:09It is.
24:10I see that more now.
24:12At least Corey and Nina pay cash for their groceries.
24:14They're doing that right.
24:15The reason that I advise clients to pay cash for their groceries
24:18is because if they put it on their credit cards and do not pay
24:21it off immediately, which most don't, they end up paying two
24:24to three times more for those groceries because of the interest.
24:27That means any items that they got on sale
24:29weren't much of a discount after all.
24:31All right, Corey, you have $150.
24:33So now we are going to play a game called splurge or save.
24:37You have to figure out what items you're going to keep
24:41and what will go back.
24:44Are you ready?
24:45Everything is necessary.
24:46All right, let's start here.
24:47What about the Apple Jacks?
24:48Do kids love Apple Jacks this much?
24:51You love Apple Jacks.
24:52Splurge?
24:54I give them my Apple Jacks.
24:56I give them my Apple Jacks.
24:57I give them my Apple Jacks.
24:58I'm sorry.
24:59Let me take this back.
25:00That wasn't even that hard.
25:01Where is the alcohol?
25:02OK.
25:03Spurge or save?
25:08I'm conflicted, man.
25:09I'm conflicted.
25:10Are you?
25:11Can you take this off for me, please?
25:12Yeah, sure.
25:13That's cool.
25:14$170.
25:15All right.
25:16OK.
25:17That's going to take off my soda.
25:18The soda.
25:19All right.
25:20I really want my alcohol.
25:23I'll put back the energy drink.
25:25You'll put back the energy drinks and get your alcohol.
25:29Boom.
25:30Good job.
25:32It's shocking because it's the little things,
25:35and so many little things add up.
25:37Who knew me enjoying this particular item
25:40will blow my budget?
25:41Mm.
25:42I respect the job.
25:43My wife has always done with the money.
25:45But now knowing and realizing that I'm not providing
25:48as much as I thought I was for her to make her job easier
25:51as the eye-opener.
25:53Don't pick up nothing else.
25:55Corey's been in three accidents.
25:58What if it hadn't turned out differently?
26:00What would you do?
26:01All I can do is pray.
26:04There you come something.
26:05Do you have an idea of why we're here?
26:20No.
26:21I am here to paint a financial picture for you.
26:24OK?
26:25Knowing what I know now about Corey and Nina's finances
26:29and the number of accidents that Corey's had,
26:31I'm really concerned about their ability
26:33to manage an unexpected catastrophe.
26:36Mother to mother, I just really want to have a conversation
26:38with Nina without Corey to figure out what she would do
26:41if the worst were to happen.
26:43I brought you specifically to a scrapyard
26:45because Corey's been in three accidents.
26:47You are one medical emergency, one job loss,
26:51away from financial ruin.
26:53And I'm not wishing that energy on you.
26:55Absolutely not.
26:56But what if it hadn't turned out differently?
26:58What would you do?
27:00Emotionally, I can't go there
27:02because I'll never get out of bed.
27:04I've been with the same man for 16 years.
27:0719 years old, both growing up together.
27:11Raised him, I feel like myself.
27:13And he's so much a part of me.
27:17And to know I could not see him tomorrow is earth-shattering.
27:22All I can do is pray.
27:28There he comes on me.
27:31It's about protection, right?
27:33Absolutely.
27:34It's about having a real, solid contingency plan
27:37in case something bad does happen.
27:40Because when life gets hard, you all cannot afford to be crushed.
27:48All right.
27:49Let's bring Corey in, okay?
27:50Okay.
27:51I know we're in a tough bind,
27:53and this could definitely be us of being crushed
27:56with one lost job
27:58or if something happened to him on the road.
28:01Can you share with Corey some of what you shared with me?
28:04With the three accidents in two years,
28:06if you were gone, like, we would shatter.
28:09But at the end of the day, I'm still here.
28:11You know, so that's what I want you to more so focus on.
28:15Not the shoulda, woulda, couldas, because they didn't.
28:17So what's the plan, right?
28:19So we always hope for the best.
28:21Plan for the worst.
28:22But plan for the worst.
28:23That was the whole point of this exercise,
28:25is to help you come up with a solid contingency plan.
28:30Are you okay?
28:32It's a deep breath on it,
28:35because you don't want to go there.
28:36You don't want to think about the worst.
28:37Of course.
28:38I mean, I have a four-year-old daughter.
28:39One of the first things that I did when she was born
28:41was get life insurance and an estate plan.
28:44I always encourage self-employed clients like Corey
28:47to have a variety of insurance,
28:50and not just the basic medical insurance.
28:53I recommend disability insurance,
28:54and that basically covers you in the event of sickness.
28:58The insurance will pay a portion of your income.
29:01I also recommend hospital indemnity insurance,
29:04and basically that insurance covers you if you're hospitalized.
29:07So you get a lump sum per day that you're in the hospital.
29:10I had this, fortunately, when I delivered my daughter early,
29:13she was in the NICU for two weeks,
29:15and I walked away with about $8,000,
29:17which paid my lost income.
29:19It's important to safeguard your most valuable asset,
29:22which is your ability to earn an income.
29:24My contingency plan would be the life insurance policy,
29:27downsize the house, and that should buy us time enough
29:31to be able to create a different source of income.
29:34What can you rely on?
29:35Can you rely on your part-time income
29:37if something were to happen to him?
29:38I would have to go full-time.
29:40So I'm thinking something that has to do with your major, right?
29:42You're a business management major.
29:44To go into management, that's extra stressful to kids.
29:46But as a parent, you have to do what you have to do.
29:49For me to get a job in business management
29:52after I've been out for seven years,
29:54it's the same thing of, like, him having to draw at square one
29:57for accountancy because he doesn't have the credentials anymore.
30:01Didn't you just get a certification that I paid for?
30:03But I just got that, but beforehand.
30:05So that for one, ain't that a little bit more current?
30:06Did you say May of this year?
30:08Do you know how many free courses it is to be a personal bookkeeper?
30:11You can make the same amount that you're making now,
30:13and you could be freelance.
30:15But you wouldn't know the research to be able to make that happen.
30:17I wonder why I wouldn't know that.
30:18Why wouldn't I know that?
30:19You have Saturdays and Sundays, honey.
30:21I don't know why you wouldn't.
30:22No, that's fair.
30:23This is something that really drives the point home for me.
30:26In the past year, 23% of Americans have had a financial catastrophe.
30:33I just don't want you to be a part of that 23%, okay?
30:37I still don't think that they're really getting it.
30:40As a parent, you have to do what you have to do
30:42to take care of your kids,
30:43and I cannot imagine being this nonchalant
30:46and reckless about their financial future.
30:48You complain about the life you have,
30:58but aren't contributing financially to other jobs.
31:01Are you willing to do anything?
31:02Well, we're not going to do that.
31:03What we're not going to do is make it seem like I don't contribute.
31:07Hey, hey, hey, hey, roll, roll, roll, roll.
31:19What's going on?
31:20What is good with the peeps?
31:23Hi, Andre.
31:24Hey, what's going on?
31:25After speaking with Leah, she gave us a lot to think about.
31:28Unfortunately, we're at an impasse.
31:30Me and Nia decided to bring in reinforcements.
31:33You know, put our hands together.
31:34Some people would really trust to talk it out.
31:36This is my older sister, so I'm the baby.
31:39She just came back from Japan.
31:40It's from China, fool.
31:41It was China.
31:42We decided to come back to Texas
31:45because Nina was like,
31:46hey, we can be each other's village.
31:48You know, my son is five, her girl is six and seven.
31:52So, like, perfect.
31:53I'm just glad that you're finally here.
31:55Stop it.
31:57All that emotion.
31:59How was meeting the financial advisor?
32:01Emotionally exhausting, honestly.
32:03Mmm.
32:04I don't make enough money compared to the expenses.
32:07The reality is that we're on our last leg
32:10and that we may not have the catch-up that usually people have.
32:15Like, we need a new roof.
32:16You know, if he lost his job, if he died tomorrow.
32:18You know, like, we don't have that fallback as much as we should have.
32:22And then she says something that I think Nina needs to speak on a little bit more about.
32:26How do you have a one-income household with two capable adults,
32:31but it all falls on his shoulders,
32:33but then you complain about the life you have financially,
32:37but aren't contributing financially?
32:40Are you willing to do other jobs?
32:42Are you willing to do any of that?
32:43What we're not going to do is that.
32:44What we're not going to do is that.
32:45What we're not going to do is that.
32:46It's cool.
32:47What they do is.
32:48Can I go to my room?
32:49What you're not going to do is make it seem like I don't contribute.
32:51I'm not saying you don't contribute.
32:52No, you're going to sit here and you're going to take it,
32:54and you're going to watch it and win it.
32:55I'm still in my room on that.
32:57Woo!
32:58This is the easy math.
33:00If I make $40 an hour, right, and Nina gets a job that makes $20,
33:06that allows me to cut back on the amount of work I do
33:10because my 40-an-hour job requires me to spend so much time away from home.
33:14It takes away my availability.
33:16So if she ends up taking off some of the financial burden off me,
33:19I can take some of that home stuff off her.
33:22I understand that.
33:23Hold on.
33:24Do you feel that her working will have you work less?
33:28Correct.
33:29So you work in less hours, then that's less money.
33:32So it's like, OK, well, we're going backwards.
33:34Then what our goal is?
33:35Her money should be adding to that.
33:36The math don't make sense.
33:37I get you.
33:38Unless you're willing to pivot.
33:39Wrong one built in a day.
33:40Come on.
33:41How long can my past hold me back when we can't even see the future?
33:44Don't amen him.
33:45Don't amen him.
33:46I said I was wrong.
33:48I got some realization.
33:49We coming up with some plans that ain't took to effect yet.
33:51In his name, in his name.
33:52Right.
33:53Wait till it's don't effect yet.
33:54But I'm working on it.
33:55Corey's favorite thing is I need time.
33:56What's wrong with right now?
33:58He's been talking for years about getting out of trucking.
34:01What are your goals?
34:02To be financially stable.
34:04OK.
34:05So what does that look like?
34:06How do I measure that and what time is on that?
34:08You know, like, I spoke to Nina.
34:09She says, hey, in five years, like, I want a bigger home.
34:11Like, she wants more space, right?
34:13The kids want a bigger backyard and things like that.
34:15So it's like, OK, if that is her goal, that needs to be your goal.
34:18And how do you reach that in five years?
34:21OK.
34:22Once you have that goal, you're going to sacrifice.
34:25You're like, hey, we're going to grind for these two years.
34:27For the next six months, two years, whatever.
34:28Absolutely.
34:29The sacrifice I'm making won't change.
34:30That's a conversation for Nina.
34:32Because she's the one getting the job.
34:34Yeah.
34:35I'm continuing with my 16-hour days that I've been doing.
34:37Yeah.
34:38So think about it just a little bit.
34:40We can make smart goals.
34:41But if y'all are going to keep bucking heads about availability
34:44and hours, that don't work no way.
34:46You know the 16 hours ain't viable.
34:49Sounds like the job don't work.
34:51I do understand the willingness that I need to be able to, like, find aftercare
34:56and the very pitfalls that keep me from going back to work fully.
35:00I'm doing the best that I can with what I have.
35:03I know I need to dig into that and kind of, like, let go and let God on that one.
35:07I am happy to help you in any way that I can.
35:10If I need to take the children half of the week so that you can, you know, work, I'm here for you.
35:16I'm going to help you get to where you can in any aspect that I can.
35:21I knew you were my people.
35:22I knew it.
35:23I knew it when I saw it.
35:24That takes, honestly, a lot off the plate of it because it's like $300 a week
35:29to be able to do five days of working.
35:32So even half the week would be tremendous.
35:35Yes.
35:36I got you, girl.
35:37My sister offering to help with childcare is the biggest relief
35:40because I know she's going to take care of my kids just like I would.
35:43And to be frank, that's the real biggest hurdle of actually going outside to get a job.
35:48Now it's up to us to find the career opportunities for us to reach our goals.
35:52No pressure.
35:56Thank you for coming in today.
35:58It's been a few weeks since I've spoken to Corey and Nina, and it did not seem like they were taking their finances seriously enough.
36:04How are things going?
36:13How are you doing?
36:14How are you doing?
36:15How are you doing?
36:16How are you doing?
36:17Good.
36:18Thank you for coming in today.
36:19Oh, it's my pleasure as always.
36:20Yes.
36:21It's been a few weeks since I've spoken to Corey and Nina, and it did not seem like they were taking their finances seriously enough.
36:26So I really hope that they thought about what I've told them and employed some of the strategies that we discussed.
36:32So tell me, how are things going? Are there any updates?
36:35I think we did make some progress and we kind of put our emotions aside a bit and looked at logistics.
36:40So it was very difficult at first. But after me personally committing it to it being a we, it's not just a her, it's not just a me, but it's us together.
37:02You know, you feel almost reconnected us.
37:05I'm glad to hear that.
37:06almost reconnected us.
37:07I'm glad to hear that.
37:08So have there been any small wins, any big wins?
37:12My sister has offered us child care half the week.
37:15I love that for you.
37:16It's great to have a community.
37:18Yeah, right?
37:19It's great to have a village.
37:20I'm very picky about who watches my kids.
37:23So sister helping out, coming in the clutch,
37:26opens up me to make the hard decision to say I can't go
37:32straight into the career I thought I was going to go into.
37:35What type of work are you looking at?
37:38Right now, I'm looking into health care,
37:39but entry level positions.
37:42That's awesome.
37:44What about you, Corey?
37:45I did recently, with the guidance of my wife,
37:48brought myself open to apply for jobs that actually would
37:50somewhat require my degree and show my transferable skills.
37:54And I was able to actually get hired on.
37:56I am so proud of you.
37:58That is awesome news.
38:00What will you be doing?
38:01I'll pretty much be a driver manager.
38:03OK.
38:04So my job is to make sure they're maximizing their miles,
38:07staying on top of their regulations.
38:09Long story short, I'm making sure they make good money
38:11so they can make me good money.
38:12OK.
38:13And is it about the same salary?
38:14It's about the same salary, but less hours.
38:17OK.
38:18So really, if it's the same pay and less hours,
38:20if you break it down hourly, it really is a pay increase.
38:22Yes.
38:22Absolutely.
38:24I can be home more.
38:25And I now look around and see what I can do
38:27that she possibly couldn't get to instead of waiting for her
38:29to get to it.
38:30And then by having that set schedule, she has those opportunities
38:33to go have those girls' nights that she may want
38:35or able to tell a potential employer, yes, I have a set schedule
38:39that I can be at because I don't have to worry about my kids.
38:41Absolutely.
38:42It's a relieving feeling.
38:44And it makes me feel more involved.
38:45I love that.
38:47I hate that it took four people to tell him what I've been saying,
38:49but I'm overjoyed because, A, I was right,
38:53and, B, it's beneficial to our family.
38:55He can actually put the kids down.
38:57He can actually have dinner with us.
38:58And I get to see him in some khakis and a good shirt,
39:02you know, so I'm excited.
39:04I'm trying to contain it because I don't want to do the Tom Cruise
39:06and hop on your chairs.
39:09There's a growth potential to, like, almost 200K.
39:12So if that hits the way it's supposed to hit,
39:15you know, I can be able to turn that table
39:17that you scarred in my head all around.
39:20200K plus maybe a new job for you?
39:23That's awesome.
39:24That is amazing.
39:25I feel like it was hard going through this process,
39:27but I think it brought us together to be able to say
39:30we need to be more of a team in the finances
39:33and not just Nina taking it all on.
39:36So I'm happy I can actually have a conversation
39:39on the same wavelength now.
39:40If you can communicate about money,
39:42you can communicate about almost anything, right?
39:44Yes.
39:45So I didn't call you, but I'm glad that he did.
39:51I'm not going to cry.
39:52You're going to cry.
39:54Y'all had me a little worried for a while,
39:55but y'all came through.
39:57And y'all did even better than I could have imagined.
40:00Congratulations.
40:01I'm so happy for y'all.
40:02I'm so proud of you.
40:04I'm pleasantly surprised by Corey and Nina's wins.
40:07Corey's already found a new job,
40:08and Nina is eliminating her largest employment barrier
40:12and expanding her job search.
40:13They're making huge steps to increase their income.
40:16They are managing their monthly expenses together.
40:18And most importantly, they're communicating about money.
40:22So sexy.
40:23Bring it in.
40:24Give me a hug.
40:24Thank you so proud of you.
40:26Money conversations are hard, but they're healthy.
40:28Sometimes you just need an objective third party
40:30to weigh in when you disagree.
40:32Talk to people who have been there
40:34and successfully navigated their way through.
40:37OK, now come feed me.
40:38As long as it's within budget.
40:40You don't have to be stuck in a financial situation
40:43when there are options out there.
40:44Your money story is yours to rewrite.
40:46Next time on Maxed Out, you actually owe $80,000.
41:00Wait a second.
41:02Miss Diana has nominated her daughter.
41:05What do you do when you're not able to cover your expenses?
41:08I ask my parents.
41:09I'll raid my closet.
41:10Miss Diana is definitely an enabler.
41:13You're helping everyone else.
41:14You don't have retirement.
41:15You're 62.
41:16This can't keep happening.
41:17I'm not living under the bridge for nobody.
41:19If you want to move back home, I need you
41:21to be transparent with your dad.
41:23Mm-hmm.
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