Joe Rogan Experience #2509 - Caleb Hammer

1. JRJoe Rogan0:00

   [upbeat music] Joe Rogan Podcast, check it out. The Joe Rogan Experience. Trader by day, Joe Rogan Podcast by night. All day. [upbeat music] Good to see you, son.

2. CHCaleb Hammer0:13

   You too. Nice to meet you.

3. JRJoe Rogan0:14

   Very nice to meet you too. I, I enjoy your content.

4. CHCaleb Hammer0:16

   Thank you.

5. JRJoe Rogan0:16

   You're a very sensible person.

6. CHCaleb Hammer0:18

   Mm-hmm. I try to be.

7. JRJoe Rogan0:18

   And you deal with a lot of very unsensible people. [laughs]

8. CHCaleb Hammer0:22

   [laughs]

9. JRJoe Rogan0:22

   How do you fucking keep your shit together when you talk to these people? Y- you're f- we tell everybody you're a finance guy.

10. CHCaleb Hammer0:28

    Mm-hmm.

11. JRJoe Rogan0:28

    And did you start out in debt and then figured out how to get your shit together?

12. CHCaleb Hammer0:32

    Yeah, exactly. I, I was in college doing all the stupid American things, right? So you got that unlimited student loan debt for a bullshit degree. I was going for music composition, so complete bullshit degree. Uh, 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. But-

13. JRJoe Rogan0:54

    Your parents gave you that advice?

14. CHCaleb Hammer0:55

    Yeah. It's just the average American experience.

15. JRJoe Rogan0:58

    Right.

16. CHCaleb Hammer0:58

    You just max out a credit card. I don't, I don't know if your parents taught you anything about personal finances, but-

17. JRJoe Rogan1:02

    No

18. CHCaleb Hammer1:02

    ... most don't. It's, 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.

19. JRJoe Rogan1:14

    Ooh.

20. CHCaleb Hammer1:15

    Crazy amount. Crazy amount. Defaults are to, like, 7%, which is insane. 7% of credit cards defaulting.

21. JRJoe Rogan1:22

    That's crazy.

22. CHCaleb Hammer1:23

    Yeah. And-

23. JRJoe Rogan1:24

    That, that is, that is really nuts.

24. CHCaleb Hammer1:25

    Yeah, it's crazy.

25. JRJoe Rogan1:26

    Almost one out of 10 default.

26. CHCaleb Hammer1:28

    Yeah. It's absolutely insane. But we have more auto loan debt in this country than credit cards too.

27. JRJoe Rogan1:32

    Really?

28. CHCaleb Hammer1:32

    Which is even crazier, 'cause Americans, you know, they're big pickup trucks and everything. But, uh, either way, I was doing that. Got my Nissan Altima and, you know, thinking I was sick driving around.

29. JRJoe Rogan1:43

    [laughs]

30. CHCaleb Hammer1:44

    And, uh, going in 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 just, I s- 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. Picket fence, all that shit.

Episode duration: 2:15:03