Added: Sep 25, 2023
In this podcast episode, Caleb Hammer discusses various financial topics and trends that he has observed through his work on his YouTube channel. He starts by talking about his own journey and how he got into the YouTube space. Caleb reveals that he initially wanted to work for Graham Stefan a year and a half ago but was not hired. Instead, he decided to create his own show on YouTube, focusing on personal finance and educating people about financial matters.Caleb explains that he has always been interested in personal finance and real estate. He dropped out of college because he was making more money selling his music compositions than his professors were. He then worked in sales and product management roles before transitioning to YouTube full-time.
One of the main topics Caleb discusses is the importance of personal finance and the struggles that many people face. He mentions that one trend he has noticed is that people often finance their cars, even though it can be a significant financial burden. He believes that people should only buy cars they can afford to pay for in cash or pay off relatively quickly. He also criticizes the societal expectation that everyone needs a car to survive, especially in areas with poor public transportation.
Caleb also talks about the issue of student loans and how he is arbitraging the interest rate on his loans by investing the money in the stock market. He acknowledges that this strategy may not work for everyone and that it is important for individuals to assess their own financial situation and make decisions accordingly.
Another trend Caleb highlights is the high percentage of people's income that goes towards eating out. He mentions that many people spend around 40% of their income on dining out, which can be a significant drain on their finances. He encourages people to be mindful of their spending habits and consider cooking at home more often to save money.
Throughout the podcast, Caleb emphasizes the importance of financial education and making informed decisions about money. He believes that everyone should have a basic understanding of personal finance and that it is crucial to prioritize financial stability and long-term goals.
Caleb also discusses his YouTube show and how he selects guests to appear on the show. He explains that most of the guests come from the audience, and he reviews their financial information before inviting them on the show. He aims to help people who genuinely want assistance with their finances and are willing to make changes in their lives.
Caleb continues by highlighting the issue of people being in bad debt and only making minimum monthly payments. He points out that many individuals prioritize eating out over paying off their debt, which indicates a need to reassess their priorities. He suggests that the ease of access to restaurants and the addictive nature of certain foods contribute to people's tendency to eat out frequently.
Caleb shares his personal experience with addictive tendencies towards fatty, salty, and sweet foods, which makes it difficult for him to cook at home. He acknowledges that he was able to overcome this addiction when it came to getting out of debt and saving for a house, but he struggles to prioritize his health in the same way. He believes that the delayed consequences of unhealthy eating and financial decisions make it harder for people to take action.
The conversation then shifts to the reasons why people may not take action to improve their financial situation or health. Caleb suggests that the consequences of their actions are often too detached and delayed, making it difficult for them to see a direct cause-and-effect relationship. He compares this to the immediate consequences of a child saying a swear word and getting spanked, which creates a clear connection between the action and its consequence.
Caleb also mentions that tackling debt or making significant changes in one's diet can be daunting. He explains that people often feel overwhelmed by the magnitude of the problem and struggle to take the first step. However, once they start and see progress, it becomes easier to stay motivated and continue on the path to improvement.
The conversation then delves into the patterns Caleb has observed in people's financial behaviors. He mentions that overspending on eating out and making poor car purchase decisions are common patterns among those struggling with debt. He also highlights the issue of high housing costs, which can significantly impact a person's ability to pay off debt and save money.
Caleb shares the story of a guest who had accumulated $250,000 in private student loan debt, which was rapidly increasing due to high-interest rates. He emphasizes the lack of recourse for discharging student loans in bankruptcy and the burden this places on young individuals. He suggests alternative models where education is provided for free, and individuals pay a percentage of their income in return.
When discussing the process of helping people get on track financially, Caleb explains that they start by creating a budget and assessing their debt. They then develop a plan to pay off the debt, which may involve increasing income, reducing expenses, and saving for emergencies. The ultimate goal is to help individuals achieve financial stability and retirement security.
Caleb acknowledges that his show can become repetitive, but he is primarily focused on helping people rather than achieving high viewership or financial success. He mentions that he has a team of employees who assist with various aspects of the show, and he values their contributions. He also expresses his genuine care for the guests on his show and the joy he experiences when they make progress in their financial journeys.
The conversation continues with a discussion of Caleb's personal financial weaknesses, including impulsive decision-making and lack of patience. He reflects on his recent decision to upgrade his living situation and acknowledges that he could have made a more financially prudent choice. However, he also recognizes the value of having a home close to his friends and the affordability compared to other options in the area.
Caleb continues by talking about his interest in finance and how it developed from his upbringing. He mentions that his parents struggled financially when he was growing up, and this motivated him to strive for financial stability and success. He talks about the importance of cash flow and building wealth, and how he wants to achieve financial freedom for himself and his future family.
The conversation then shifts to Caleb's experiences with anxiety and panic attacks. He explains that he has a panic disorder and describes the symptoms he experiences during a panic attack. Caleb shares that he developed a phobia of panic attacks after experiencing one during a job interview. He discusses the impact of anxiety on his life and relationships, and how he copes with it through therapy and medication.
The discussion then moves on to Caleb's views on relationships and dating. He expresses his desire to find a long-term partner and talks about the challenges he faces in the dating world. Caleb mentions that he tends to enter into short-term relationships and struggles to find someone who is compatible with him. He discusses his insecurities and fears related to relationships, and how he hopes to find someone who understands and supports him.
Caleb also talks about his career as a YouTuber and his plans for his channel. He mentions that he wants to create content that helps people with their finances and provides them with valuable information. He discusses some of the show ideas he has, including a dating show, an auditing show, and a show where he helps people with their financial situations. Caleb also mentions his interest in traveling and experiencing new things, and how he hopes to overcome his anxiety to pursue these opportunities.
Caleb reflects on his personal growth and the changes he has made in his life. He talks about his past as a bully and how he has learned from those experiences. He emphasizes the importance of self-improvement and striving to be a better person. He also discusses his insecurities and the areas he wants to work on, such as being more mindful of his words and actions.
Caleb shares his preference for Zara over H&M when it comes to clothing, although he admits that both can be slightly expensive. He mentions having a friend who works at a clothing store and getting a 50% discount, which makes it more affordable for him.
The conversation then shifts to body image, with Caleb expressing his dislike for spending money on clothes and preferring to get them for free. He mentions that his friend gets all his clothes for free, which he finds impressive. The hosts ask Caleb if his biggest insecurity is his body, to which he admits that he doesn't like taking his shirt off due to the pudge around his midsection. He expresses a desire to have a rock-hard physique and get back into boxing.
Caleb reflects on his efforts to improve his body, including going to the gym every day and eating relatively clean. He speculates that his struggle with weight might be due to his age, as he recently turned 33. He mentions seeing people in their 40s who are in great shape, which makes him feel like he's "dying." The hosts suggest that it could be related to factors such as portion control and hydration.
The conversation then takes a philosophical turn as the hosts ask Caleb about the meaning of life. Caleb shares that his current focus is on helping people while having fun doing it. He believes that happiness is the ultimate goal for many people. However, he admits to being a day-to-day kind of person, focusing on getting through each day and avoiding accidents.
Towards the end of the podcast, the hosts give Caleb an opportunity to ask them any questions or share any comments or concerns. Caleb jokingly asks if they can give him dinner, to which the hosts respond positively. They express their excitement for having Caleb on the podcast and mention the possibility of a part two, where they can discuss Caleb's transformation and his journey towards achieving a six-pack and a ripped physique.
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