All language subtitles for Going From Broke s01e04 Time to Buy or Time to Sell.eng

My name is Daniel Babic.

I moved to LA four years ago
to live my American dream,

because I wanted
to be a TV host.

I was working the red carpets,
interviewing all the biggest

celebrities in the world.

I was living the high
life, traveling the world.

I have all these
fabulous outfits--

I mean, the best
time of my life.

But the problem
now is I'm broke.

DAN ROSENSWEIG:
Here are the facts.

The numbers are massive.

44 million people have
borrowed over $1.5 trillion

in student loan debt,
and it doesn't end there.

My name is Dan
Rosensweig, and I'm

the CEO of the multi-billion
dollar company Chegg.

This is my mission.

With the help of my financial
expert, Danetha Doe,

we're going to
help young people--

the walls are closing in?

Yeah.

DAN ROSENSWEIG: --who are
drowning in extreme debt.

How many credit cards?

10, 11, in 12--

12--

DAN ROSENSWEIG: --to build a
life of financial independence.

I just want to get out of
debt, and I want your help.

When the world is pushing
down on you, it's very hard.

DAN ROSENSWEIG: This
is an economic crisis

of epic proportions--

I don't use that much.

DAN ROSENSWEIG: --and
we have to fix it.

No, come on.

[SCREAM]

DAN ROSENSWEIG: They're
going to hate it.

But, when we're done, they're
going to be on the road

to financial freedom.

Do you feel good about
what we've done so far?

I do.

Thank you.

DAN ROSENSWEIG: This
is Going From Broke.

It's another day and another
dollar that somebody owes.

Yes, they do.

Who is the lucky winner today?

The lucky winner
today is Daniel.

He's a 23-year-old,
originally from Australia,

now living here in Los Angeles.

He's making $1,900 per month.

He's got $80,000 in total debt.

$26,000 of that is
credit card debt.

Wow.

He is not going broke.

He is broke.

Yes.

DAN ROSENSWEIG: All right,
Daniel, here we come.

[KNOCKING]

Hello.

How are you?

I'm Dan.
Come in.

Come in.

Hi, Dan, I'm Danetha.

Very nice to meet you.

I'm Dan as well.

Oh, there we go.

I love your little
pocket square.

Come in.
Come in.

All right, thanks
for having us.

- OK if we go in here?
- Yeah, yeah.

Come in here.

Come to the kitchen.

DAN ROSENSWEIG: Nice place--

so, Daniel--

DANIEL BABIC: Yes.

Tell us your situation
in your own words.

Yeah, well, I booked
a TV show upon moving

to Los Angeles at 21.

And I was earning
hundreds and hundreds

of thousands of dollars.

So, I was being young and dumb,
and I lived like a superstar

and a rock star.

So, I spent all that money.

When I was working as a TV host,
obviously you treat yourself.

I'm on a TV show,
so you start buying

some designer things,
$5,000 on a bracelet here,

$8,000 on a watch here.

Everything-- even
my friend would say

you don't even
think when you buy.

I was like-- no, if
I want it, I buy it.

It was the best.

And then, you know, it
all came crashing down.

When the show ended, I
thought, oh, well great.

I'm going to book
another TV show

with the same amount of money,
but it didn't happen that way.

Well, let's sit down,
and go through the numbers,

and see if we can't help.

Unfortunately, the Daniel
situation is not unique to him.

It happens in Los Angeles.

It happens in sports.

It happens in Silicon Valley.

It happens everywhere.

You get a job for
big money, and you

think that that's
what you're going

to earn the rest of your life.

Things change.

Companies close,
job gets eliminated.

People get fired.

All those things
can happen to you.

Let's start with how much you
made from your first TV host.

About $300,000--

DAN ROSENSWEIG: How
much of that is left?

DANIEL BABIC: Well, none.

Let's walk through
your expenses.

So, your rent-- how much
are you paying per month?

$1,250--

DANETHA DOE: Food?

I think it was $600.

$600?

$600, yeah.

DANETHA DOE: So, that
right there is $1,850,

and you're bringing in $2,000.

Yeah.

So, you got a hundred--

And that $2,000
is before taxes.

Before-- yeah, before-- yes.

DANETHA DOE: So, we've
just covered rent and food.

Yeah.

And you're already
deficit spending.

Yeah, yeah.

DANETHA DOE: When you add in
all of Daniel's other expenses

beyond food and rent,
he's spending $4,800.

But he's only bringing
in $1,700, which means,

every month, instead of
paying down his massive debt,

he's adding $3,100 to it.

And that's before
interest, so it's

really much worse than that.

Anything else that we
should know about in terms

of your monthly spending.

I used to have a car.

The car got totaled,
and I didn't--

I only had liability
insurance, so I'm

still paying off that car.

So, you have a car
payment but no car.

DANIEL BABIC: Yes.

DAN ROSENSWEIG: And
how much is that?

DANIEL BABIC: From the top
of my head, I can't remember.

Because you seem very smart.

DANIEL BABIC: Yes.

And, my guess is, if you
wanted to know the numbers,

you would know them.

So, when we show up,
we expect that they've

done at least as much
work on their own life

as we have done on their life.

I'm very concerned that Daniel
really has yet to accept

how dire his consequences are.

How many of your credit
cards have been shut off?

They're all maxed out.
They're all maxed out.

And are you making
payments on them?

DANIEL BABIC: No.

What's the one with
the highest balance?

I think the highest
is like $25,000--

I think.

I can't remember, because
it's-- there's a lot of numbers.

I made some very big
mistakes financially.

I laugh at myself now.

I'm like-- what an idiot.

I'd be at the
Beverly Hills Hotel,

and I'd buy everyone's dinner.

So that's $1,000.

It feels to me like,
for most of your life,

you've been able to
avoid the responsibility

that comes with adulting.

Correct.

If we asked you to
pick up your phone

and call your parents,
would they be shocked?

Yeah, they would
be shocked-- correct.

Well, it's interesting.

I'm actually going to
Australia for a week in--

do I have to cancel that?

[MUMBLING]

Doesn't that cost money?

It does, yeah.

Who'd pay for it?

I was actually
going [INAUDIBLE]

with my credit card.

I was going to go and surprise
my mom for her birthday

for a week.

Yeah, yeah.

I think a nice phone call--
so, you're going to tell them--

maybe that's what you say.

It's like-- you know what?

I wanted to come
and surprise you,

but I've got a
different surprise,

and it's not going
to be pleasant.

What if they say--

you know what?

You're out of control.

Come home.

I don't like living in
Australia, and it depresses me.

I'm from a small town.

It is so boring, and it is so--

just not who I am-- and I
don't connect with anyone,

because I am so different.

And I just feel like an alien.

Well, let that be
motivation for you

and change your spending habits.

DANIEL BABIC: Yeah.

Change the
decisions you've made

up to this point to get you into
the situation that you're in.

Look, Daniel comes
from a very small town

in a beautiful but small country
where he felt that it was not

the right environment for
him to actually be himself,

and so I empathize with him.

And I want him to achieve that
level of happiness and success

that he's looking for.

The good news is you're
healthy, and you're smart.

You're making bad decisions.

There's a way out of this.

Yes, yes.

I love that.

Thank you.

It's like-- the other
day, I went out and spent

$60 on going out for dinner.

Why?

Because I was like--
you're in so much debt.

What's another $60?

DAN ROSENSWEIG: OK, well--

And I just want to have
fun, because my life's

been so serious.

Can I ask you a question?

DANIEL BABIC: Yeah.

Why don't you get
a full time job?

I have been applying
for TV hosting, yeah.

But there probably aren't a
lot of available TV host jobs.

Yeah, correct.

Have you contemplated a
career path that would allow you

to grow and to use some of the
skills that you've worked on,

some of the education
that you've got.

Because, if you're
going to hold on and try

to be available for when
TV host jobs come up,

there's no certainty
around that.

That's the nicest
way I can say--

Yeah, absolutely.
Yeah, yeah.

I'm 24.

I don't think, at 24, giving
up on your life dream--

I think that's giving up.

First of all, none of
this is about giving up

on your life's dream.

Yeah.

We're talking about-- are you
prepared to live a financially

responsible lifestyle that will
put you back into a position

to be in control of your
own destiny and so that,

if you want to take that risk
at another place in your life,

you're more capable to do it.

Because you've got--
dreams and opportunities

come all through your life,
but you're in no position

to take them unless you can
afford to take that risk.

Yes, correct.

So, do you understand the
gravity of the situation?

I do.

There's every
reason to believe you

may not be able to stay here.

Yeah, there is.

You know, that's
obviously the last option,

and I hope that's not the case.

It may not even
be your option.

In other words,
you owe this money.

You don't pay it.

It's not like they
just let you stay here.

If I don't take the
advice of Dan and Danetha,

my future is seriously at stake,
because I might be kicked out

of the country by
the US government

and never allowed to return.

I might face
serious legal action

and will lose complete
control of my own life.

DAN ROSENSWEIG:
Do you understand

the gravity of the situation?

DANIEL BABIC: I do.

There's every
reason to believe you

may not be able to stay here.
DANIEL BABIC: Yeah, there is.

You know?

It turns out hanging
around waiting to become a TV

host has not worked out well.

You're going to
have to delay that.

Delay-- delay--

As we said, we're
ending our dream.

We're just postponing the dream.

DANIEL BABIC:
Post-- I like that.

Good.

OK?

We're going to give
you some homework.

So, journal on your expenses.

Step number one for
everyone is to do

a daily financial journal,
writing down every dollar

they spend and what they
spend it on, because only then

does it become real,
and only then can

they do something about it.

On top of that-- to find
as many jobs as you can,

working as many hours you
can, whatever it takes,

whether it's getting second,
a third, a fourth job--

here's a tough one for you.

OK.

DAN ROSENSWEIG: You need to
cut your expenses by $3,000

a month.

Time to move out.

Yeah.

What are your options
to get out of your lease?

Well, I have to talk to them.

I don't know my options.

You own your life,
but you're going

to have to treat it like it's a
business with a balance sheet,

and with making tough decisions.

And, actually, you'll feel
really good about your future.

It will be a funny story to
tell in many years, hopefully.

Yeah, well, let's hope
it's not that many years.

DANIEL BABIC: That many years--
yeah.

Daniel has the ability
to take full advantage

of the side hustle economy.

We've got so many apps
these days like Airbnb.

We've got Handy.

We've got so many opportunities
to make money on the side

that it's a great
time for Daniel

be able to increase his income
without really making a ton

of changes to his spending.

OK, I think we're done here.

Yay!

Thank you so much.

I really appreciate it.

These are common mistakes
made by millions of people.

Unfortunately, I'm increasingly
worried that Daniel

has yet to do the work to
fully embrace his situation.

So, Daniel has
racked up a huge amount

of credit card debt.

There are options
out there to make

those numbers more manageable.

You can refinance your credit
cards into one payment.

Another option to
look into is to call

your credit card
companies and see if there

is a balance transfer option.

For some more ideas
and more options

on how to manage your debt, be
sure to check out Grow By Acorns.

As part of my
homework, Dan and Danetha

have told me to get some
more income coming in.

So, today I've booked a gig
cleaning someone's house,

so I'm excited.

Hi, I'm Daniel.

Very nice to meet you.

You too.

Are you a cleaner?

Yes, I am.

Perfect, let me
show you around.

Awesome.

So, I want to
get the pool clean.

Yep.

Definitely this entire upper
deck needs to be swept off.

So, it's a mess.

We have a broom here for you.

Perfect, yeah.

And we got the pool net so
we can get all the leaves out.

Just let me know whenever
you're done out here,

and I'll show you
the pool house.

DANIEL BABIC: OK, perfect.
Thank you so much.

Time for the pool house.

I don't really like
cleaning, I've discovered.

But, I also don't really
like being in debt.

I'm quite weak
physically, and I'm

not really used to cleaning.

I have a cleaner, and
I'm not very good at it.

Even though I
secretly, deep down

hate it and don't
want to be here,

I'm remembering that I
put myself in this mess,

so I'm the one that has to
clean it up, so to speak.

DAN ROSENSWEIG: So,
how have you been?

Good-- very good.

We asked you to keep a diary.

Yes.

Did you do that?

DANIEL BABIC: Yes, I did.

Can we see it?

I don't actually
have it on here,

because I'm-- it's
in my-- it's packed,

because I'm actually flying
to Australia tonight, still.

And I thought we
agreed we weren't going

to go to Australia,
because we didn't

have the money to do that.

I, um-- yeah, well I--

my grandma is very
ill, and I tried to get

the money back from the flight.

So, I made the executive
decision to still go.

And I think I still need to
really talk to my parents

about what's going
on, and they agreed.

They said we'll talk about your
financials when you get here.

I'm glad to see you're
bringing your diary,

but I'd really like you
to get it for us here now.

OK, yeah.

It's just packed away, so I--

I would love you to unpack it.

DANIEL BABIC: OK, yeah.

I will actually
be happy to wait.

OK, yeah.

It's important that we
do this with a process

and with the
discipline necessary.

So, how about we
wait here, and you--

Yeah, cool.

I'll be like five minutes.
DAN ROSENSWEIG: I'll be here.

DANIEL BABIC: Thank you.

DAN ROSENSWEIG: OK.

Keeping a journal, for
someone like Daniel,

is absolutely critical.

Writing it down, and
actually seeing it

in writing and acknowledging
it, is the first step in ending

this vicious cycle of debt.

So, uh--

It's been 15 minutes.

Yeah, I think
he's full of crap.

DANIEL BABIC: Hello.

A-ha--

DANIEL BABIC: We
can't find my journal,

so I just got a
notepad to take notes.

DANETHA DOE: So, you haven't
been keeping a journal.

I have been keeping a journal.

We just can't find it.

You said you just packed it.

I did, yeah.

You can even have-- we
looked through my stuff

for five minutes, and we
just couldn't find it.

But I've definitely
been keeping a journal.

I'm not lying.

OK, all evidence suggests
that's not the case.

It is true.

If it's not true, I'd
rather have you tell me.

Dan, I didn't do it yet.

I want to do it.

I will do it, but
I didn't do it yet.

Then we can continue.

I don't know where
I [BLEEP] put it.

I don't know where it is.

I haven't seen it for two days.

I thought I packed it
last night in my thing,

and I can't find it.

I'm just frustrated,
because it's like--

it would almost be easier
to just say I'm lying

and I never did it.

It can only be in two places.

You come and look with
me, but I cannot find it.

And I've written it.

And I almost feel like--

Let's do it.

I'm ready.

So, I'm pretty sure I
packed it, but I'm not sure.

And I've searched my
bedroom for over two

hours this morning looking for
it, and I couldn't find it.

We presumed it would be in here,
because I was going to write

in my journal this morning.

And I just presumed that I
packed it in here last night.

OK, well, we'll take
our time, because I

believe you that you wrote it.

Yeah, I did.

And that's why-- and
I've torn apart my--

DAN ROSENSWEIG:
But we want-- look.

I can't find--
did you hear me?

I cannot find it.

You know what?

Yeah.

It's clear to
me that you've got

a lot going on in your life.

You've got a lot
going on in your head,

and you're not ready
for this conversation.

I'm, like, really putting
some really good changes, and I

can't find my [BLEEP] journal.

And it's like--

OK, I've lost the
journal, but I've

done all these other things.

And I've wanted your
help, and I'm li--

and I've listened to you.

You haven't listened to us.
DANIEL BABIC: Well, I've--

So far all you're
doing is yelling at me.

Yeah, I am.

I'm sorry.

I'm going to continue
to yell at you.

Well, then I'm going to go.

Because I have really
been listening to your--

the advice that you gave me.

OK, so I'm going
to give you one--

I'm going to give
you one last chance.

Danetha can stay as
long as she would like.

I'm not going to,
because lashing out at me

doesn't solve the problem.

I can respect the fact
that you're under stress,

and I would be as well.

But raising your voice, yelling,
isn't going to get us there.

So, when you get
back from this trip,

we're going to try it again.

And it's very important that
you have the journal completed.

Yeah.

These conversations and
relationships are about trust,

and I just don't trust that
Daniel has done the work.

So my hope is, on his
trip to Australia,

he will come clean
with his parents,

and his parents will give him
the necessary kick that he

needs to turn his life around.

The benefit of a
journal is that you're

actually seeing what you're
spending your money on.

The numbers don't lie.

The reality of your spending
history doesn't lie.

So, get honest with yourself
and keep that journal.

And then you may find
out ways to cut back.

You'll be inspired to
make changes, because now

you know where you want
to go and the mistakes

that you're making.

And that's the beauty of it.

Maybe you'll find
out that you have,

actually, a little bit of
money left over to splurge.

My parents don't fully
know the situation I'm in,

because I would never
want to disappoint them

and let them know.

And I really do believe
in taking responsibility

for your own life.

Hey, y'all.

I'm so excited, because
I'm currently in Australia

at my childhood home.

Mom, say hello to all
my American friends.

Hi, American friends.

How are you?

I'm cooking up
some potatoes to go

with the shrimp on the barbie.

I'm feeling so
relaxed right now,

and I feel like a massive
weight has been lifted off

my shoulders, because
I finally just told

my parents about
everything that's

going on financially with me.

And I have to say I feel
like a bloody idiot.

I feel like a [BLEEP]
head, because I

worked myself up so
much, and I really

didn't give them enough credit.

Of course they
were firm with me,

and they were
really disappointed,

but they were mainly
just wanting to help.

You know, they said
to me you never should

feel embarrassed or ashamed.

We're your parents and, you
know, we're here for you.

[KNOCKING]

Hey, guys, how are you?

Hi, Daniel.

- Can we come in?
- Yeah, come in.

Yeah.

All right.

Even though Daniel
was on a family trip,

it's still important
that he did his homework

so we can get a true
assessment of his

current financial situation.

You know, I want
to be optimistic.

DANIEL BABIC: Yes.

The first two times you and
I met didn't go very well.

No.

The third time's a charm.

That's the hope.

How do you think you're doing?

I'm doing much better
than I was before,

and I think I've made
some great changes, so--

Well, that warms my heart.

And--

You have a heart, Dan?

Yeah, and-- well,
we'll find out.

Whether I have a heart
or don't have a heart--

It's irrelevant, because
it's just business.

Well, it's irrelevant
because, if you don't

get your act
together, then there

won't be a second act for you.

My goal isn't to
get you to like me.

My goal is to help you
get out of a situation

which makes you very unhappy.

Yes.

I'd love to see
the infamous diary.

I don't like
writing things down.

So, no, you didn't do it.

Do you know what?

I-- the diary's not
really my thing.

Well, that's pretty clear.

DANIEL BABIC: Yeah,
so I fail in this one,

but I get an A plus
in everything else.

Well, we don't know that.

Yeah.

Yeah, so let's go through
what we had asked you to do.

Yeah.

First and foremost,
your monthly income--

and we asked you to look
for ways to increase that.

Where are we at with that?

Now it's currently at $2,800.

Great, OK.

So, the next item
that we had you do

was we asked you to cut
$3,000 out of your spending.

Yeah.

DAN ROSENSWEIG: A month--

A month, yes--

were you able to do that?

DANIEL BABIC: I was
able to do that.

So, just so I'm clear,
how have you cut spending

when you haven't been here?

Well, I've just changed.

Now I'm very aware.

I was living
mindlessly, whereas now

I am very mindful of what I'm--

So walk me through where
you cut out the $3,000.

So, I have your
expenses listed here.

We have rent at $1,250, and
you're still in your place.

Oh, well, actually on
Monday I'm moving, so--

To where?

Oh, OK.

I'm actually house sitting for
a friend for free for a month.

When we suggested to move
out, you said that you couldn't

because you had a lease.

I did.

Even though my name's
still under the lease,

I can still actually
legally sublease my bedroom.

Right, have you done that?

I've done that.

They're already subleased.

They're already in there.

OK, what's her name?

DANIEL BABIC: Her name is Karen.

I'm encouraged.

I really am encouraged.

I want to believe all this.

DANIEL BABIC: OK.

Let me ask you a question.

Where is she now?

DANIEL BABIC: She's out.

DAN ROSENSWEIG: There
must be a sublease.

- Yeah.
- Do you have the document?

No, I don't have
that yet, because we're

signing it tomorrow.

DAN ROSENSWEIG:
Can we call Karen?

Yes, we can.
Yes.

Let's try her.

DANIEL BABIC: Yeah,
let's give her a call.

Yeah.
- OK.

I don't hear anything.

DANIEL BABIC: No,
I don't I know why.

It's ringing.

It's got that thing in there.

You know what?

Maybe it'll make this easier,
if she's not going to answer--

this would make me
feel very comfortable.

How about we go in the
room and see her clothes?

Look, with Daniel it
never seems to add up.

And he's making
a lot of excuses,

and his story keeps changing.

I'm going to get to
the bottom of this.

I don't feel comfortable
going in her room.

I promised her I wouldn't and,
if [INAUDIBLE] shooting today

is that we wouldn't
go in her room.

Maybe just open the door.

DANIEL BABIC: It's trash, so
I don't feel comfortable--

DAN ROSENSWEIG: There's
nobody living in there.

DANIEL BABIC: There is.
- How can I--

Do you know--

I'm like-- do not--
do you know?

I think you should just go.
Goodbye.

- I agree.
- Goodbye.

- Thanks.
- Goodbye.

Good luck.

OK, bye.

Sadly for Daniel, he is
not interested in solving

his problem yet.

Hopefully one day he will
be before it's too late.

Look, if you're going
to lie to yourself,

then you can't fix your problem.

So, that's that.

But I'm happy for
the-- you know,

they did help me
with the advice,

and I've got my
parents on-board.

But, yeah, I think
I'm very upset.

You control your own future.

You control your own destiny.

It may not be easy,
and you're going

to have to make
decisions at a young age

that you don't want
to have to make.

And you're not going to think
it's your fault. In some cases,

it might not be.

In the case of Daniel,
it is his fault,

and it's his responsibility.

And he wants to own the
responsibility for none of it.

He's just disrespectful.

He's disrespectful
of his own life.

He's disrespectful of us.

This is not the kind
of person that we

need to spend time helping.

DANETHA DOE: Yeah, he's
not taking it seriously.

I didn't think so, and
it's not worth our time.

DANETHA DOE: We can't
help someone who isn't

willing to help themselves.

Hopefully one day Daniel
will go from broke.

To find more
resources to empower

your own journey of
financial freedom,

visit GoingFromBroke.info.

Hey, it's Danetha.

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Handy is a fabulous
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