The 911 of FINANCE - An Unexpected Ending

[Music] all right guys welcome to this episode as you can see this is going to be quite different in fact we are about to pick up a financial distress call from an individual that I spoke by message this morning the situation seems pretty severe and heavy so I want to bring you into kind of this this raw experience um on when I'm picking call of that nature and really bring you into the story so follow [Music] along guys I'm getting call I need recorded hey mate can you hear me yes I can how are you very good it's uh it's good to hear from you it's great to hear from you as well Mr Ro Romain that's right yes and and you prom promotus right that is correct all right so um I know that I received your message not too long ago where you find yourself in a pretty tough final situation is that right that is correct let's start right away with kind of just the basics how old are you mate I am 30 30 okay what do you do what oh happy birthday what what do you do for a living so you mention your own Social Security yes okay and uh if you had to rate your financial situation from 0 to 10 where do you find yourself right now um I probably would find myself at like a three or two okay okay so let's let's look at it step by step um what is your income right now on Social Security um so I get um anywhere between 7 I get about $700 a month in SSI do you have any other streams of income um no I'm trying to do some online things I'm I was thinking about doing like audible um okay like that okay oh so like reading for people on Audible yeah yeah or transcribing but I can't find any training for that um yeah I mean the voice sector that's that's that's that's to be yeah that's that can be quite tricky yeah I'm really good at that though I've always been good with acting I've always been into modeling and things of that sort um as well as acting I've always had a good voice I I've been a very good reader my whole life oh I see okay so um so 30 years old on Social Security what are some of the things that are driving your three out of 10 when you think about your finances what is going on I'm very Reckless with my finances um there also I'm not able to um fund things to make more money I don't have um any Investments uh you know in order to get into a better financial situation I don't have um financial adviser basically in my life you know someone who can help me manage my finances okay so tell me a little bit more about what do you have right now in terms of assets say that say that one more time what what type of assets do you have how much money is in your like checking account um right now yes um I I don't have um much money on I have maybe 100 bucks $100 and how do you how do you pay for all your expenses do you well with food for instance I can go to a food bank every day of the week it's Seattle I got food taken care of um nice My Pet Care is free because I have free vet care for low income people in Seattle okay that's nice that's a major thing um my I get energy assistance so I don't have to worry about that much um what what what I do have to worry about right now is um getting on top of getting an ID getting asso and I'll probably start working on that tomorrow I see um but have you accumulated any type of depth as well well probably like at least $3,000 $4,000 $5,000 okay I could I could call the court and find out total for you okay um I'm not really able to look up where my credit score would be with uh fines or debt or anything like that I'm not able to look that up what has prevented you from doing that when I look it up um nothing shows up but um when I try to apply when I no no no it has nothing to do with that I'm talking about like any kind of like fines or debts I may have racked up throughout my life because there may have been a few things because I've been scammed or um you know made some poor decisions that I don't quite remember due to my mental health issues um but I don't know if any of those have racked up on my financial record because whenever I look it up it just says it's I just had some court fines and that's it nothing ever shows up but when I apply for credit you know like um like some like paying installments uh kind of programs like on Amazon they say that due to my past credit history right they don't want to um have me sign up for that program what type of mental health do you have if I may ask I bipolar too I have um severe PTSD which requires me to have a service animal um due to the the amount of trauma I've had some very recent trauma happen and then some very um which makes it even worse because it's a fresh fresh layer of PTSD that I have to deal with now I don't know if it's appropriate to to get into it um okay I mean it's up to your comfort level I was I was by somebody last year basically um they press charges on them so your succession is bringing back a little bit more to the financial aspect proerties okay because I'm here to try and understand your story a little bit and see how we can make things happen so your mental health concerns have prevented you from getting into the workforce yes okay how long have have you been unemployed or on social security for about six years I have had a few jobs as an adult I'm not going to lie okay and what happened that you were not able to keep those jobs um circumstances life mental health um substance abuse that kind of stuff got in the way all right let's look a little bit together then at what is your living situation right now so you're earning $700 how do you split your expenses how much is your rent I I have section 8 so I have $1,700 a month living expense and the cool thing is is I'm able to live at any apartment where the landlord is willing to take the voucher okay so how much is your a very nice apartment oh wow okay how much is your apartment uh my apartment is uh 1,600 a month so it's a you're on your own I imagine it's a one-bedroom yeah yeah before that I was homeless for 2 years so this is a blessing Oh you mean homeless in the streets or you were able to yes yes I was homeless for quite a while so it's a big uh leg up uh from where we at you know okay that's great to hear um with regards to your spending do you have any type of how do you spend your money well I mean uh I spend it mainly on my my pets and um like my cell phone bill my electric bill you know okay that kind of thing honestly like sometimes like I'll black out and I'm not really like aware of what I'll do with my money sometimes and where it goes it just gets spent so quickly when you're saying you you're blacking out is it from like alcohol consumption I imagine no it's more like when my PTSD I'll just like kind of phase out of like reality as a coping mechanism what do you do when you're in that state of mind well sometimes I'll go out and use sometimes I'll I'll go out and do some really Reckless stuff and like I that's why I have the service animal because she's supposed to snap me out of it so I can realize so I can take my medication like sit down realize what's going on her name's Shiloh she's a ranian she's a wonderful dog uh she's helped me out a lot the these past few months okay that's good news what I want to look into is getting um into um an easy form of work that that that's more laid-back that I can do at home like you were telling me I could do a free class at Google or something that's right that's right so yeah um so that's that's some of the services you don't particularly need to stack up on like depth payments or even buy course a lot of I mean you have of course YouTube as as a main engine for you for your learning but there are so many different programs that now offer online certifications where you don't really have to pay like for example Google does and those are kind of great for uh software engineering you know those types of position coding and so on yes I'm I'm interested really in cyber security and machine learning oh okay well that's that's in high demand okay that's very nice um yeah is there any work home position in yeah I mean I'm sure those exist especially in this space the employees they tend to be more flexible but what prevents you proma from uh looking online at those courses and kind of taking action on this what do you do during your days well um I don't have a laptop or stable internet connection um not that apartment that you live at I guess I could sign up for welfare internet um that's right and so right now how do you get internet on your phone for example well um through my phone service okay so you have internet on your phone yeah yeah but um the thing about a class I would need to um uh have um a more stable connection and a laptop to get my classes done and assignments um maybe if I got a tablet that might be a different story but with a lot of this programming stuff they show you how to do stuff over a computer right that's right yes but so do you have any financial help other than Social Security my mom occasionally can help me but lately she hasn't been doing too well financially and my grandma just passed away who I was really close with and kind of depended on for everything uh I was really close now my grandpa he has money but he's getting dementia and like he's not very reliable with anything anymore so it's getting really hard for me my grandparents Raised Me growing up so you know it's kind of hard to no to see my grandparents get into that state um but my mom she's on parole right now um and uh you know she doesn't have that much money they took her business from her and all that stuff I mean so what what are you feeling your days with Primitives and sorry for your loss of your grandparents but what how do you spend your days right now I don't know I'm kind of most of the time just spend them in limbo thinking of uh you know what I can do to to make some more money and um right you know it's it's rough so what what prevents you what pre prevents you from getting to the next step I mean I I have trouble figuring these things out for myself honestly like okay just having like a mentor or something would be really helpful okay okay I mean you know we could think about that but you know I I would need for you to like really show me that you are motivated for achieving some of those components no I really am and right now every month after you pay all your expenses how much do you have left oh after I pay all my expenses uh I'll have like $300 $200 if like I'm not wasteful or anything okay have you what has prevented you from putting a little bit of savings to buy a computer um planning come on prus that's the thing that's the key you you have to put somehow of a Target I think this is one of your exit door you know for you if you feel like you can work from home at least you need to start trying to thrive toward getting of course you know your IDs and so on but a computer I think that that's going to be potentially a good way for you to have access to kind of that external word maybe doing some type of freelancing um so when you get that $200 every month what do you spend it on I will like just go out and party with it and I won't be too smart with it you get what I'm saying like I see what you mean yeah I mean you're going to have to find promo a system to show you progress and momentum what I mean by that is I mean I could be your accountability person you know I can check with you every two weeks and every two weeks you send me your account by text your account balance and every two we be awesome every two weeks I want you to show me that you're saving $150 so that's $300 per month okay yeah I want you to also send me after you do your research the computer that you want to buy okay okay so that you have a number and a Target in mind perfect I think I do this I really appreciate it I looked at it through this perspective before thank you exactly no so you feel like you have someone that you know is making you accountable and you have no choice but to send me that you're making progress on this once you see things starting to work for you then you get more involved into wanting to continue that behavior so if you see that you're able to save 150 every two weeks and then you get your computer and then you can put a little bit of money on the side then it's going to allow you to gain start turning that whe for you instead of just just staying constantly in this kind of TR you know fuzzy phase that you never can really see in your future what do you think I think that's a really good idea good idea okay so I want you to since you're fairly Frugal you know making $700 per month you're leveraging a lot of the services that already exist kind of government help and so on I want you to really be accountable for the next couple of steps and you have me and if you send if you're not send me a text I will send you the damn text to make sure that you know what you're putting yourself into okay thank you my friend I really appreciate all this all right do we have a deal we have a deal my friend I feel a lot of Hope now thank you yeah I mean that's that's you know that's good you know sometimes it's just little things the behavior for the most part was already there you just need a Target you just need a vision and someone want to know that uh they are with you on the on that Journey okay thank you all right see you man bye all right talk to you later bye-bye so as you can see guys kind of a pretty tricky position for friend PRI here was a very atypical approach to be honest as you know it felt like the individual was a little bit all over the place and so wise I at sometimes I'm not going to deny it but you're seeming me in kind of a a raw position trying to understand what the individual wants to speak to me about and also think about what are some of the immediate steps because right now it would have been worthless to speak about like retirements and so on the the person doesn't even have an idea or a bank account I want to put this as an immediate achievement for him that hopefully he can accomplish within two months because you know not going to go for the super super new Mac laptop but some probably something that can get him into the door of that passion and future that he can have so let's start first with quick wins get momentum get some action I hope that you like this type of content it was kind of first and I was like you know what let me show actually what this is about and we see you guys next time [Music] [ __ ] [Music] [Music]

Channel: Romain Faure

Views: 6,829

Keywords: Finance Action, Personal Finance, Debt Free Journey, Credit Card Debt, Romainfaure, Saving Money, Financial Goals, Car Loan, Dave Ramsey, Credit Card, Car Debt, Graham Stephan, BiggerPockets, Credit Cards, Romain Faure, Romaine Faure, Student Debt, Debt Free, Real Estate, Debt Snowball, Debt Payoff, Day Trading, Loan, how to pay off credit card debt fast, how to make money, financial education, debt, financial freedom, my financial friend, student loan forgiveness, bitcoin

Id: 6fY35sS5L8A

Length: 19min 28sec (1168 seconds)

Published: Tue Jan 23 2024