Caleb Hammer, money expert, discusses the impact of mental health on personal finances, benefits of being in debt, #1 thing that keeps people poor, guide to financial freedom, college worth in 2024, YouTube growth and hate, fear of losing everything, anxieties, and sharing finances in relationships.
Read more
AI Summary
AI Chapters
Episode notes
auto_awesome
Podcast summary created with Snipd AI
Quick takeaways
Start by building an emergency fund, then focus on paying off debts using the snowball or avalanche method.
Customize financial strategies to individual situations and preferences, emphasizing discipline and responsible habits.
Behavioral changes and discipline are crucial for achieving financial stability.
Mental health plays a significant role in financial insecurity, seek professional help and education.
The speaker is in a committed relationship after meeting someone special.
Deep dives
1. Steps for Financial Stability
Start by building a one-month emergency fund covering your basic needs. Then, focus on paying off your debts using either the snowball or avalanche method. Negotiate collections and personal debts accordingly. Once debts are managed, aim to build a six-month emergency fund or 12 months if you're self-employed. Follow a balanced 50-30-20 budget, allocating 50% to needs, 30% to wants, and 20% to savings or investments. Consider college debt worth it if the starting salary is double the borrowed amount.
2. Personalized Approach
Emphasize that financial strategies are not one-size-fits-all. Each individual's situation and preferences need to be taken into account. Encourage discipline and track record of responsible financial habits when considering options like credit cards. Stress the importance of understanding personal financial values and goals.
3. Behavior & Discipline
Highlight the significance of behavioral changes and discipline in achieving financial stability. Acknowledge that negative coping mechanisms like overspending or avoidance can be challenging to overcome. Emphasize the importance of taking proactive steps towards financial independence.
4. Addressing Mental Health
Recognize the role of mental health in financial insecurity. Encourage seeking professional help for mental health concerns while providing resources for financial education and guidance. Acknowledge the complexity of mental health issues and the need for a personalized approach.
Meeting a Special Someone at the Fish Shop
A few weeks before Thanksgiving, the speaker met someone special while shopping for shrimp at a fish shop. He was immediately attracted to her and mustered up the courage to ask for her phone number. Despite some awkward moments, she gave him her number, and they went on a few dates. The speaker appreciates that she didn't know about his YouTube channel initially, allowing them to get to know each other without any preconceived notions. Although they haven't officially declared themselves as boyfriend and girlfriend yet, they are in a committed relationship.
Overcoming Anxiety and Fear of Flying
The speaker admits to having a fear of flying and experiencing anxiety when it comes to traveling. However, he acknowledges that it's something he needs to overcome. Both the speaker and the other person in the conversation, Graham, encourage him to face his fear and consider taking a trip to see Dave Ramsey in Nashville. They discuss strategies to make the experience as comfortable as possible, such as hiring a driver, getting TSA pre-check, and even considering a first-class ticket to minimize stress and anxiety.
Dating Insights and Confidence Boost
The speaker opens up about his dating experiences, mentioning that he has been on several dates through Hinge but found it challenging when his dates were fans of his YouTube channel. However, he shares that he recently met someone who doesn't know about his channel and has been enjoying their dates. He expresses his nervousness in the initial approach but is proud that he took the initiative. The conversation focuses on the positive aspects of their relationship, including shared interests and enjoyable conversations.
Financial Security and Future Income
The podcast hosts discuss their concerns about financial security and the uncertainty of future income. They acknowledge the statistics showing the average lifespan of a YouTuber's career and express their differing views on their own financial futures. Despite differing levels of wealth, they delve into the possibility of needing to find alternative forms of employment and the confidence they have in their own skills to make money in other ways.
Views on Relationships, Marriage, and Money
The hosts touch on various aspects of relationships, including discussions about financial arrangements within couples. They explore the topic of combining or keeping finances separate and its potential impact on the success and stability of a relationship. They mention the importance of open communication and sharing financial goals while acknowledging the role money plays in marriages and its potential to cause conflicts.
HERO: Right now, Hero Bread is offering our audience 10% off their first order! Just go to https://hero.co/ICED and use our code ICED NETSUITE: Take advantage of NetSuite’s FREE KPI checklist: https://www.netsuite.com/ICED ORACLE: Free test drive of OCI at https://oracle.com/iced Caleb's Channel: https://www.youtube.com/@CalebHammer NEW: Join us at http://www.icedcoffeehour.club for premium content - Enjoy! Add us on Instagram: https://www.instagram.com/jlsselby https://www.instagram.com/gpstephan Official Clips Channel: https://www.youtube.com/channel/UCeBQ24VfikOriqSdKtomh0w 0:00 - Intro 3:33 - Caleb's Experience with Boogie2988 After Appearing on His Show 12:24 - Can ANYONE ‘Make It’ financially in America 13:27 - The Impact of Mental Health & Trauma on Personal Finances 22:42 - The Guest that STILL Struggles w/ Finances After 4 Appearances 26:08 - The Surprising Benefits of Being in Debt 32:30 - The #1 Thing That Keeps People Poor in 2024 36:27 - Caleb's Candid Discussion About His Current Debt & Credit Card Usage 41:20 - Caleb's Step-by-Step Guide to Financial Freedom 44:25 - Is College Worth It in 2024? 46:31 - Confronting Caleb About Being Too Hard on Guests 52:42 - How FAST YouTube Growth & Hate Has Affected Caleb 1:09:28 - Asking Caleb “Do You Think You Listen to Your Own Advice?” 1:12:18 - Diving into The Fear of LOSING EVERYTHING 1:24:57 - Caleb Opens Up About His Anxieties 1:32:13 - Caleb Hammer Has a GIRLFRIEND?! 1:41:22 - Should Couples Share Their Money? 1:43:06 - Is Universal Basic Income a Good Idea? 1:45:47 - Closing Comments For sponsorships or business inquiries reach out to: tmatsradio@gmail.com For Podcast Inquiries, please DM @icedcoffeehour on Instagram! *Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.
