- 23-year-old Lael appeared on Caleb Hammer's podcast "Financial Audit" to talk through his debts.
- He said he had multiple jobs, including being a realtor, a DoorDash driver, and a sperm donor.
A man with $28,000 in debts despite multiple jobs appeared on the "Financial Audit" podcast asking for help bringing in more money.
The 23-year-old, who gave his name only as Lael, told host Caleb Hammer he was hoping to make more money this year from his job as a realtor, and had several sales lined up.
He also said he had two side hustles: being a DoorDash driver, and donating sperm.
He said he made around $15,000 this year from his real-estate job, between $600 to $1,000 on DoorDash deliveries, and between $600 and $900 donating his sperm.
"You drive over do the deed then leave," Lael said of the sperm donation. "It's easy money."
Hammer in response noted that "you're bringing home, after expenses, more from being a jizz boy than DoorDash."
Lael said he had been "slowly going into debt" for the last year and a half. He said he had been to school to study nursing but had dropped out during the COVID-19 pandemic, finding it hard to focus.
He used to have a Tesla, which he was paying $550 per month for, plus $330 in insurance.
"I'm drowning at this point," he said of his financial situation. He said he was paying for groceries and other expenses on credit cards most of the time.
But things started to look up a bit financially when Lael got into an accident that wasn't his fault, and insurance wrote off the car. So he said he bought a cheaper car for $8,500 on a new plan with a 16% interest rate, and now paid $130 per month in insurance.
Lael said he had no savings or emergency fund, because he had been overspending on Walmart, fast food, gas, parking, and paying back friends to whom he owed money.
Hammer started looking through Lael's debs, finding a Macy's store card with a balance of just over $1,000 at a high rate, which meant Lael had paid $316 just on interest in the year so far.
"That's almost half a month of jizz boy activities," Hammer said.
Lael also had a Discover card with a balance of $6,700, and a further card with a balance of $5,192.
"You're killing yourself with this," Hammer said of the total credit-card debt, which came to around $12,000.
Lael admitted he was "not a credit-card person," and said he had brought the credit cards in to cut them up.
"No more dumb," Hammer said when they were destroyed. "It's gone."
On top of the credit cards, Lael owed $7,000 in student loans.
Lael said he had been doing better over the past two months, not eating out or going out anymore. But Hammer found that his debts were still strangling him.
He calculated Lael had $28,478 in debt at a high interest rate. "That's a shit amount of debt to have at 23," he said.
In minimum payments alone, Lael owed $668 per month, which was around half of his consistent take home money. The rest of his income was sucked up by his rent, which was now $600.
Hammer worked out Lael's needs were $300 over his budget. He said Lael had to bring in more money however he could.
"Because right now this situation is bad," he said. "I don't even know how to budget out your repayment because right now you can't repay. It's as simple as that."
Lael said he was relying on several real-estate sales that were about to close, which would hopefully put him in a better financial spot. Lael said he could be bringing in $60,000 per year if it all worked out.
Hammer said when that time came he should pay the credit cards first, then the car, then the student loans.
But in the meantime, Hammer said Lael needed to find another income. He said it would be two years of hard work to pay everything off, and that was only if "everything goes perfect." It could take as long as five years if the real estate market slowed down.
Lael said he was going to put more hours into DoorDash, and would cut back on his spending.
"I feel the momentum behind me know," he said. "I know it might die off, I can't let it."