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Chapter 1: What is discussed at the start of this section?
Joe Rogan Podcast, check it out. The Joe Rogan Experience. Train by day, Joe Rogan Podcast by night, all day. Good to see you, sir. You too, nice to meet you. Very nice to meet you too. I enjoy your content. Thank you. You're a very sensible person. And you deal with a lot of very unsensible people. How do you fucking keep your shit together when you talk to these people?
We used to tell everybody, you're a finance guy. Yeah. And did you start out in debt and then figured out how to get your shit together?
Yeah, exactly. I was in college doing all the stupid American things, right? So I got that unlimited student loan debt for a bullshit degree. I was going for music composition, so complete bullshit degree. Maxing out every credit card, one of the first pieces of financial advice I got at 18 from the parents, max out a credit card to get the piano I wanted. So that's smart.
Your parents gave you that advice? Yeah, it's just the average American experience. You just max out a credit card. I don't know if your parents taught you anything about personal finances, but most don't. It's bad. So I was just maxing out every credit card, like everyone that comes on the show, like every American out there. We got $1.6 trillion in credit card debt in this country, by the way.
Chapter 2: How did Caleb Hammer manage his financial struggles?
Crazy amount. Crazy amount. Defaults are to like 7%, which is insane. 7% of credit cards defaulting. That's crazy.
Yeah. That is really nuts. Almost 1 out of 10 default.
Yeah, it's absolutely insane. But we have more auto loan debt in this country than credit cards, too. This is even crazier because Americans, you know, they're big pickup trucks and everything. But either way, I was doing that. Got my Nissan Altima and, you know, thinking I was sick driving around and going in debt for that family debt, everything.
It was brutal, but it was the average American life. That's what people are going through every single day. And I finally got a wake-up call. I was sitting in my shitty apartment that I could barely afford, and I realized... The life I wanted to live just could not be sustained this way. I wanted to be a homeowner. It's the American dream, pick a fence, all that shit.
But there's no way to do it with maxed out credit cards, private student loans, public student loans, everything. It was a mess. So got a sales job, just started grinding it out, paying off the debt, fully funded emergency fund. And that's what I try to teach people now. But, you know, again, the average American is kind of an idiot with money, which is fair.
Well, they're not informed, you know, which is one of the things I think your content really helps because a lot of people don't know what to do. You're in debt. Like, how the fuck do I get out of this? And a lot of people they know are in debt, so they don't have good advice. They're not going to get from their parents. Right. So where, you know, they have to turn to somebody.
And a lot of times, like financial people online are very stiff financially. And they're not enjoyable to listen to. But you talk shit and you're very vocal. And it's like, oh, OK, I get this guy. I can relate to him. Tell me what to do. So there's a lot of folks out there that connect with you because of that, I think.
Yeah, they call us the Jerry Springer of finance, which I like. I take it. I take the ownership. They meant it as a dig at first, but I take it.
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Chapter 3: What are the statistics on credit card debt in America?
Because it's fun. People don't go into financial topics because it's boring. Why are you clicking on a video of a dude just sitting at the camera, just like, you know, IRAs or this? No one's going to get into that. Personal finance class, like 40% of states, or almost 40 states out of the 50 states, require a personal finance class now, which is big progress over the last decade.
But, I mean, I was a piece of shit in high school. I'm sleeping through that class. Right. I'm not going to listen to things there. I could barely pass math. School is just boring. So people still aren't going to pick it up there. They want something a little more interesting to get into. And we give them that with the roasts, the dramas, the relationships of couples. Episodes are my favorite.
Because there's always financial issues. stresses in relationship, and I don't know. If that actually gets people into personal finances, that's the best. That's the best, because we get millions of views per episode on all platforms.
It's kind of a crime that they're not explaining to people when they're young and in high school how this could be a problem. They're trying to set you up for life, but they're not setting you up for one of the biggest problems that most people face. Credit card debt and the big one, student loan debt, because that's the one you can't get away from.
And there's a lot of people that are just like, well, I guess I have to go to college. And look, higher education is great. It's good to be educated. It's good to get an education. But if you're spending hundreds of thousands of dollars for an education that you aren't going to use at all, that might not be the best thing for you. And when you're fucking 18, you really don't know.
You don't know what you want to do.
Your parents don't know anything either. No, they might be retarded. You might have idiot parents. Well, no. The average parent in America is go to any college to get any degree and borrow whatever it takes. Yeah. Because college is the answer to all. Because it used to be.
Yeah. It used to be the way that you got a good paying job. You get out of college and, hey, you've got a degree. Oh, you got your master's. Well, you're – Where are you going to live? Where are you going to buy a house? You're going to be set. What they don't tell you is that you are going to be saddled down with insane amounts of debt, and then that debt compounds. It keeps going.
So I was reading this thing. You can tell me about what the actual numbers are. But they were talking about the average actual debt that you owe, but what you wind up paying, what you actually wind up paying over the 20 years that it takes you to pay it off. It's fucking crazy. It's substantially higher than the initial loan.
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Chapter 4: How does personal finance education impact young adults?
I'm like, oh, it's too much. And I think that's how most people look at it. They look at it like... 24 billions missing for the homeless? How much money went to that rail? That fucking high-speed rail? Billions of dollars later, there's nothing done?
What are you doing? Which is insane because America, the leader of the world, should have incredible high-speed rail. Yeah, I want it. I want to go to Dallas, Houston in a couple hours on a high speed rail. Maybe Texas could do it, but just give California anything and they'll find a way to mess it up and lose all the money.
Well, this is like the rail one is crazy because like nothing's. But how much have they spent on the high speed rail so far? It's something bonkers. It's billions. Some insane amount of money, and nothing's been done. And there's this guy on YouTube. Do you remember the guy on YouTube, Jamie? He's on Instagram, rather.
The guy was on Instagram who says, in the same amount of time that it took California to not do that, this is what China's done. And it just over and over and over again, all the miles of high-speed rail they put in, all the this, all the that, for the same amount of money that California spent, this is what could have been done. It's crazy.
Fucking nuts bright lines private spent an order of mid teens of billions Mid teens so far on the high-speed rail roughly around 14 to 16 billion dollars as of the mid 2020s How much of it is done Jamie how much of that rails done? Oh my god amazing what Bakersfield Yeah, how much is completed 14 feet. Very little.
119 miles are under active construction.
Oh, 119 miles. Madeira near Bakersfield are under active construction. What a great way to spend $14 billion. I bet the homeless people are pissed. You could have spent that money on us.
And then once it's done, you'll get on the train. You'll have fare evaders, people that just jumped over that are doing drugs on the train.
That's how I asked the question.
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Chapter 5: What challenges do apartment complexes face with EV charging stations?
And more apartment complexes are installing those charging stations anyway that you can just leave your car in overnight.
I live in one, and you can never actually get to the thing. Why is it? Because someone's always in there? They never move their fucking car. Oh, they keep it plugged in. And I don't know whose it is, and you can't go call them.
Flatten their tires. Don't do that. I'm just kidding.
Chapter 6: How does American culture influence car ownership and status?
But I try to think of options, right?
And they're broken, too. Because there's even the options of the place you work might have one. Right outside my building, where we film, is multiple car charging places. Park in, you go to work. So I'm not saying everyone can do it, but there's options.
If you can do it, it's a great option.
But even so, you can get used gas cars for relatively similar, but they will defend to the death on my show having to get a $60,000 large SUV at an insane interest rate for an eight-year loan, eight-year term. Crazy. Crazy. But you asked me, why are they doing it? It's American, baby. That's American. That's freedom. You need a car to get to your job, and you need a job to get to your car.
And our culture is built around the house and car. You're a failure if you don't get a house. You're a failure if you don't get a car.
Yeah.
It is American as it gets.
That is true. And it is true that people want a new one. They want a new one. That's part of the status of owning a vehicle. You want to be able to say it's 2026. Look, it has these new features. It's fun. Apple CarPlay.
And people actually care what the person next to them thinks of the stoplight for some reason.
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Chapter 7: What are the implications of AI on job security and education?
You know, a nice watch, a nice this, a nice that, a bag, whatever it is. Whatever it is that you need like a reward for this job that sucks.
Yeah, oftentimes the poorest people I know are the ones that have more souped up, nicer cars. And then they have a shitty place to live. But they prioritize that because it's a wealth symbol. It looks good.
Yeah.
They get the expensive clothes, the flashy items.
That is true. But if you have money, a car is one of the few things that you put money into that you actually enjoy. You actually feel it when you're driving around in it every day. It's exciting. It's fun.
I just got my Model X. It goes fast, so I'm happy. Those are great.
That's it.
They stopped making them. I know. It's really sad.
They stopped making the S, too.
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Chapter 8: How can personal finance tools help improve financial literacy?
It dances. Tiffany Haddish has one, and she was in the parking lot of the Comedy Store, and the wings go up, you know, and it starts dancing. It moves around. I'm like, this is crazy. Like, it actually moves to music.
Now that I have one of the last ones ever made, I honestly, fuck, man. I really don't know. I don't want another car. It's actually really sad.
Well, he told me, Elon told me it's super over-engineered. He's like, the car's incredible. It's like one of the safest cars you could ever drive.
Well, I guess it's the last one I'll ever get. It's a bummer.
So when you are explaining to these people that a car that's just a few years old is just as good as a car that's now, does anybody go, hey, you're right? Or is it like a natural inclination? Like, is this just this thing that they want, a status symbol that's in their head that they need at 2026?
People are very defensive on the show. I can convince them of smaller things. Getting rid of a car in our culture is usually a Big thing to overcome. But I'll see weeks later that they sat on it, they thought about it. Then the video went uploaded and millions of people shit all over them in the comments. And they're like, OK, you know, maybe I should get rid of this car.
So some people actually, many people do change their perspective on cars. But that's a hard one to overcome. Telling them to close a credit card, it's kind of easy. Car is a big one. I've told people to not get a house and they're really close to getting a house. That's something they will not give up. Because that's another obsession that we have in our country.
So would you say not get a house today because of interest rates? Not just interest rates. The overall marketplace, S&P 500, it just beats real estate. Commercial real estate is good to get for tax advantages. But the American dream isn't owning a home anymore. It's the freedom of renting because you can live wherever you want. You can move for a job like that.
Getting a house, you're stuck in a house. It requires a massive amount of money for a down payment. And... It's just a lack of flexibility in a generation and age where people want to be more flexible and travel and explore and take new jobs everywhere. But it also just doesn't make sense as an investment anymore. It doesn't.
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