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

CChris Williamson
대출/신용정신 건강

스크립트

00:00:00do you think lifestyle inflation's become a bigger problem than inflation itself
00:00:04oh bigger problem i wouldn't say oh it's a good question you're a professional podcast host that's
00:00:10nice damn um i would say inflation is worse overall i'd say worse overall because that impacts
00:00:19everyone that's not your choice right such a choice but i'd say on a personal level yeah
00:00:26no that's bad that's bad that's gonna that's gonna you over when someone gets the 20 no no
00:00:31one gets a 20 raise okay when someone gets a five percent raise but increases their spending six
00:00:37you know that that is very common on our show you know what's interesting people on financial
00:00:41audit that are doing worse are the highest income earning episodes people often um you know you open
00:00:47the show with uh getting death threats and stuff and death threats and it's kind of minimal but we do get
00:00:53lots of complaints and stuff about the show one of our biggest complaints is you know i'm yelling and
00:00:57making fun of poor people those are actually the people i usually make fun of and yell at the least
00:01:02it is the high income earners that if they just fix a couple things they can get out of debt pretty
00:01:06quickly but they also get into worse debt because they have a higher income so they get approved for
00:01:10more debt they're always the worst off they lifestyle inflate i swear the closer they get from 100 to 200
00:01:17to even a half a million dollars a year the worse debt the more credit cards the more time shares the
00:01:23more cars the more bullshit they have it's it's impressive it's so bad it feels i think probably
00:01:31incredible to a lot of people that you could earn half a million a year and have a bad financial situation
00:01:38which i wouldn't be surprised if the majority in the united states didn't who make that much why
00:01:45you have a half million go get yourself the nice house go get yourself the nice car the nice clothes
00:01:50why not you worked hard deserve it it's in our culture we want we're consumers do you think that uh
00:01:58the things that richer people waste money on different to the things that poorer people waste money on
00:02:05absolutely i'm trying to get over my fear of flights and i guess i'm rich now so that's nice
00:02:11i'm knock on wood with all that help you get over your fear of flights i rented a pj tell me so that's
00:02:16a waste of money easier or easier or harder so it's a control thing for me i don't like being stuck in
00:02:21a situation that i can't control do you know how to fly the pj no but i can say let's land i can't do
00:02:27that with a commercial uh well you can you could make a big enough fuss that you would like but it would be a
00:02:32real headache and bad for my career too so that would be a real headache yeah but like um so
00:02:41pause yeah what was the first time with your travel anxiety getting on a pj like
00:02:49um it was for oh the pj itself it was actually really bad when we filmed it we filmed it it's on
00:02:56the internet i burst down in tears it's really bad i'm sorry man oh it was it was anxiety like it's
00:03:01not i don't think that you should dismiss it like that so ah but it's not like something bad happened
00:03:06to me right like anxieties make belief it's like it's not real my brain thinks it's real but it's not
00:03:12so i was crying i was sad but you know what was actually making me more sad and crying a lot of
00:03:16people thought it was out of pure terror it was remembering a lot of the things that i haven't
00:03:21done a lot of the family i haven't visited because of my fear of travel grief as much grief as it was
00:03:26anxiety yeah so interesting point here there's a guy called vinnie shawman who's a hypnotist in the uk
00:03:31i have a friend my friend's name is sky king sky king right this guy lived in hawaii
00:03:39while he was a kid flies all around the world loves asia been to japan a bunch of times
00:03:44out of nowhere just developed travel anxiety bad travel anxiety tried to get on a plane couldn't
00:03:50bailed out tried to get on a plane couldn't bail i think this happened maybe
00:03:53six eight maybe ten times and i put him in touch with vinnie now some people have better results
00:03:59with hypnotism some people have worse in a single session vinnie fixed his travel anxiety and i don't
00:04:07know what the full story is but i know that the simpsons theme tune is an integral part of the
00:04:14anchoring for how he gets over his travel anxiety interesting and uh that was real interesting that
00:04:22was like it's a cool gift to give somebody to unlock that but i i know what you mean
00:04:29there is nothing wrong rationally in terms of the utilitarian approach view of the universe there is
00:04:35nothing happening but your felt experience of yeah i'm getting on this jet that i've paid money for
00:04:41that's kind of a momentous occasion for me it's this landmark as a person who talks about money
00:04:46doing something that's kind of canonical in everybody that has money's life
00:04:50and my experience of that has been tarnished by the fact that i've got this thing that isn't me that
00:04:54i don't want in me and is kind of behind the steering wheel a little bit i think that's i think that
00:04:59makes sense but it was nice because i was working with a panic therapist at the time and just started
00:05:04working with him again thank goodness because i need to get over this thing uh and he didn't let me
00:05:07get off like like was he with you of course i yes so i brought him how you brought your panic
00:05:13therapist on the jet with you it was our plan you know we kind of oh it wasn't like an intervention or
00:05:18something well actually technically i heard him the day before so we already decided but yeah
00:05:22um so we brought him with us he's really cool and i'm working with him now again and we have we have
00:05:26a game plan uh to get over it but um yeah it was it was really simple it was austin to san antonio so
00:05:33it was nothing i just i wanted to get on a plane again because i was just preventing myself from
00:05:37getting on a plane so that's a very quick flight how long had it been since you were on the decade at
00:05:42least yeah so mostly road trips places but even that still gives me kind of anxiety um which is
00:05:48just i hate it um um but you know we have a game plan we're doing some things i want to go be on some
00:05:55more shows i mean dude if some people's exposure therapy is we just need to get a spider and put it
00:06:03in the corner of the room your exposure therapy requires a private jet exactly it's a slightly higher
00:06:09bar it's just as well that you're rich because if you won you'd be with this thing exactly exactly
00:06:15what really sucks is the same exact model private jet i was in just crashed in laredo texas yesterday
00:06:21and a ceo in austin texas died on it so that's like kind of with me that plus all of a tree
00:06:28there aren't many forms of air transport that are feeling pretty safe right now yeah the next one's
00:06:34a commercial we're doing a commercial next we're doing some long road trips to come i would book
00:06:38if i was you i would try and get maybe your row and then one behind one in front i was thinking that
00:06:44just in case there's a you know one of those i just didn't want to be around people but yeah
00:06:50that's also nice that's also nice uh so you've got some anxious panicky tendencies yeah really just
00:06:57that one thing you've built you've built a show which is essentially high stakes live confrontation
00:07:02right with strangers about their most shameful secrets yeah you're someone who has panic attacks you run a
00:07:07show that gives other people panic attacks yep is that a coincidence or is this just like the most
00:07:13elaborate exposure therapy ever it's great i mean that's what people have to go through they have to
00:07:17go through it what's actually nice is because of mine and i'm uh you know working with my guy for a
00:07:24while now like i can actually work through them pretty well and now if someone actually does have a
00:07:28legitimate panic attack on the show i can help them through which is pretty nice oh so we just pause the
00:07:33cameras and do that real quick and then what is your process somebody is sitting opposite you you're
00:07:37pushing you're pushing you're pushing the realizing how but you actually just explain to me what you
00:07:44think is happening inside of them inside of their mind somebody's got a lot of debt maybe they've been
00:07:50hiding from it like what's their emotion before what do they get to and then i'm interested in what you do to
00:07:56bring them back into land as well usually i can tell they kind of just go flat faced in that moment like
00:08:01they they disengage their eyes is kind of go blank and maybe even like a little bluish
00:08:06um and i'm like oh okay so we just literally pause i'm like hey okay you know i go from the crazy voice
00:08:12to like just down to like hey you okay remember you know it's like of course they know it's like real
00:08:18and everything but i'm like yeah we can take a pause you know you can take a break and then i help them
00:08:22do if they're like actually having anxiety attack i'll do like a breathing exercise real quick it's
00:08:26like three and six out and um that's pretty rare these days but uh and we definitely have people
00:08:32that need to do like a lap around the building a producer will take them or they need to go outside
00:08:36and hit a bike that's that red yeah hit a vape that's good that's why jared i need a fucking e-pipe
00:08:41for the people that are listening i require i want to be able to come up with i want to be able to
00:08:48pontificate uh but i want to be able to do it with nicotine so if anyone can find me a pipe that looks
00:08:53legitimate like this but i can have some nicotine and that would be able to um i wonder whether part
00:09:00of the reason that you're not inducing as many panic attacks is because you're getting soft in your old
00:09:04age you think so yeah i wonder whether it's because you've taken your foot off the gas i just threw
00:09:09something at someone the other day you'd be here there's so many projectiles so many potential
00:09:17projectors some of them are heavy as well well honestly i am proud of it i think our our onboarding
00:09:21process is so thorough we've had people that have uh come to work with us or people that interviewed
00:09:26with us that have worked for like dr phil and a lot of other type shows dr phil's close in dallas so
00:09:31that's why him specifically but they go through our process and they're like this is crazy i've never
00:09:36seen an onboarding process process like this at all because usually for like i'm not speaking dr phil
00:09:41at all don't sue me but many shows like that daytime tv they don't give a fuck about their guests
00:09:48but we actually really care because one they're members of our audience so a little selfish there
00:09:52okay a little selfish i want members if you kill them you're going to reduce the audience size yes
00:09:56exactly and i want them to do well whether that's you know you could look at it from two perspectives
00:10:01pretend like you hate me and i'm the selfish most piece of ever fine take that obviously i want
00:10:05them to do well because it proves it in spite of me or do it because of me it shows that it works
00:10:09it shows that the show works so i don't care about how what the mechanism is it can be because you
00:10:14don't like me i'm an asshole you want to prove me wrong saying that i don't think that you're going
00:10:17to be able to turn it around or because you love me and you think that my advice is worth listening
00:10:22to and you turn it around yeah and or there's the second option words and that's the real option
00:10:28that i actually really do care about how they succeed so i really want them to do well and the average
00:10:33gas pays off it's just over like twenty thousand dollars and twelve months of debt after coming
00:10:38on financial audit that's our most recent annual report we do one every december i've learned from
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00:11:47at the end of a clip and the full-length episode is available right here go on

핵심 요약

Increasing income fails to solve debt problems when lifestyle inflation outpaces earnings, evidenced by the $20,000 average debt reduction achieved by participants who fix their underlying spending behaviors.

하이라이트

  • High-income earners frequently accumulate worse debt than lower-income earners due to increased access to credit and lifestyle inflation.

  • People who receive a 5% raise often increase their spending by 6% or more, perpetuating a cycle of debt.

  • Financial audit participants pay off an average of $20,000 in debt within 12 months after undergoing the show's intervention process.

  • High-income individuals tend to waste money on different categories, such as private jet rentals or excessive luxury purchases, rather than the expenses prioritized by low-income individuals.

  • Exposure therapy for panic and anxiety can involve high-stakes environments, including the use of private transportation to overcome phobias.

타임라인

Lifestyle Inflation and Debt Mechanics

  • Higher income earners often struggle with worse financial situations because they qualify for larger amounts of debt.
  • Lifestyle inflation occurs when spending increases faster than income raises.
  • Wealthier individuals prioritize spending on luxury assets like timeshares, multiple vehicles, and private jets instead of essentials.

Inflation generally impacts everyone regardless of choice, but lifestyle inflation is a personal decision that drives financial ruin. High-income individuals frequently mismanage their finances by leveraging their higher salaries to acquire more debt, leading to more complex and severe financial issues. These individuals tend to normalize excessive spending on luxury goods and services as their income rises.

Managing Anxiety and Panic Triggers

  • Exposure therapy is an effective tool for overcoming phobias, even when requiring extreme measures like renting a private jet.
  • Panic attacks and anxiety often stem from a perceived lack of control in specific situations.
  • Professional therapy combined with structured exposure plans assists in managing and eventually eliminating travel-related anxiety.

Anxiety is a physical and psychological state that requires concrete exposure and professional guidance to overcome. Rationalizing the lack of danger is often insufficient to stop a panic attack. Using specific tools, such as panic therapists or hypnotism, can help individuals move past deep-seated fears and regain control over their behavior.

Professional Intervention and Behavioral Change

  • The show's intervention process includes a thorough onboarding procedure that prioritizes the mental well-being of guests.
  • When guests experience acute panic on camera, the production team pauses to implement breathing exercises and allow them to recover.
  • Participants demonstrate measurable success, reducing debt by an average of $20,000 in one year through active behavioral change.

Maintaining a successful intervention process requires balancing high-stakes confrontation with genuine support for the guest. The production team utilizes specific techniques, such as a three-second inhale and six-second exhale breathing pattern, to de-escalate panic attacks during filming. This approach ensures guests can work through their financial issues effectively, as demonstrated by the consistent reduction in debt across participants.

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