35-Year-Old in MASSIVE DEBT living with his Mom ｜ Self Financial Audit

Hi, so I got some updates about my

financial situation.

Basically, I have just become credit card

debt-free.

I finally managed to pay off all of my

credit card debt.

So basically, the way I paid off this debt

was by first of all buying a car, which

got me into massive credit card debt in

the first place, and then grinding really,

really hard on Amazon Flex delivering

Amazon parcels for 4 months straight,

non-stop, doing double shifts, sometimes

triple shifts in a day.

I didn't take a single day off apart from

when I had Sunny come over to my place, so

I had to take time off.

But apart from those days, days, I would

not take a single day off.

I'd work every single day, Monday to

Sunday, and then Monday to Sunday again,

working all day long, maybe a total of 7

to 9 hours a day.

And after 4 months of doing that, I

managed to finally make enough money to

pay off the deposit that I paid on my car,

plus a couple extra thousand pounds which

I used when I was in Japan.

I had a very expensive holiday in Japan

which I put a lot of that money onto the

credit card.

So I am now credit card debt-free.

And I now owe my mum about £7,782.

Now, the reason why I owe so much money

and I have so much debt in the first place

is because, as some of you may know,

because I keep going on about it every

single day, I didn't pay my taxes properly

back when my channel was doing really

well.

So 2018 to probably 2021 were my peak days

on YouTube when my YouTube channel was

bringing in a lot of money.

And I didn't have the foresight to see

that one day the YouTube channel is going

to die because YouTube channels have an

average lifespan of about 5 to 7 years.

And yeah, It's been about seven years

since my channel started to actually grow,

which was all the way back in 2017.

So seven years from then would be about

2024, which does match up with the

timeline.

And I just spent all the money.

I didn't really save the money I made from

YouTube.

I didn't really try to invest it until it

was too late.

And any investments I did make with the

money just ended up losing me more money

because I didn't know what I was doing.

And I didn't realize that I had to pay so

much in taxes.

I didn't realize I was making that much

money.

And then the tax people found out and

caught up with me in 2020.

2023, which is when all this tax and debt

stuff started to happen.

And they wanted about £17,000 or £18,000

out of me.

They wanted about £6,000 in unpaid taxes

that I was supposed to pay back then, and

they also wanted a couple thousand pounds

in late payment interest fees over the

couple of years that I didn't pay the

taxes.

And then they also wanted a tax penalty

which cost about over £10,000, around

£10,000 in tax penalties for not paying my

taxes properly when I was supposed to.

So in total, I had to pay about £17,000.

And obviously I didn't have this money

instantly available to me.

And I had to ask my mum to lend me about—

I think she lent me about £13,000.

And then I took about £5,000 of my own

money to pay off the taxes.

And then what made matters worse was in

the beginning of 2024, I discovered I

could actually open a credit card account

and get myself a credit card.

And this was just such

such a stupid idea because now I had the

credit card, I felt like I can buy stuff

that I can't afford and just put it on the

credit card and pay it back later when I

come back to the UK.

So I had quite an expensive 3-month trip

in Japan where I just kind of went crazy

on the credit card.

And I think my trip in Japan cost me

around £8,000.

A lot of it went to hotels and bullet

trains and food and stuff like that.

So I probably used about £2,800 on the

credit card just having a nice time in

Japan.

And I came back to the UK and I had this

brilliant idea of buying a very expensive

car that's going to cost probably over

£13,000 or £18,000 if I actually want to

keep the car at the end of the finance

contract period.

So I put £4,000 deposit on the car using

the credit card.

So now I was in like £6,800 of credit card

debt because I thought it'd be a great

idea to buy the car and then use the car

to get a job to make money to pay off the

car, when in actuality, if I had just not

bought the car in the first place, I

wouldn't have had to work so hard to pay

off the car.

And basically if I had just not bought the

car, I would be in probably better

financial shape or in the same financial

shape that I'm in now, but without having

to bust my balls working for Amazon for 4

months straight.

So now instead of being in massive credit

card debt because I finally paid that all

off, I am still in massive debt to my mum

to the sum of about £7,700, and I now owe

my car financing company about £7,800 as

well.

Probably just round up to £8,000 because

for the next 4 years, every single month

I've got to pay them £194, plus I've got

to pay £114 a month for my car insurance,

plus about £26 a month for the servicing.

So in total, my car is costing me probably

£350 a month for the next 4 years, which

is a lot of money.

And you could just say, well, the car pays

for itself because now you can go and do

Uber Eats and do delivery work, or just

get a job and drive yourself to the job.

So the problem with that is I got banned

on Amazon Flex, as you know, and I really

am fed up of doing delivery work.

I hate doing Uber Eats.

It is really boring having to sit outside

McDonald's for like 6 or 7 hours in a day

delivering, driving up and down delivering

McDonald's.

It is not what I enjoy.

It's not what I feel passionate about.

I hate doing it.

I don't feel like my unique skills are

being put to use by delivering McDonald's.

And I just don't really want to do it

anymore, to be honest.

I feel like I've just burnt out on doing

Amazon Flex for 4 months, and I really

hate having to do delivery work.

It sucks.

The main thing I hate about doing Uber

Eats is that the money is really bad.

You could be trying really hard, maybe 6

or 7 hours out there trying to do

McDonald's deliveries or whatever else is

on offer.

And then at the end of the day, all you've

got to show for it is about £50 or £60

after you deduct insurance.

Insurance is so expensive.

If you do about 7 hours, you're going to

be paying about £7 to £8 for that session

in insurance.

And you just don't really have a lot of

money at the end of the day to show for

all of the work you've done.

And it just feels really, really

demoralizing.

I haven't driven my car for about 2 weeks

now because I got really sick around

Christmas.

And it's been about 2 weeks since I got

sick.

And to be honest, I'm feeling fine now.

I've recovered, basically 95% recovered

now.

I could just go out and drive to the

McDonald's and do Uber Eats.

But I just don't want to.

I can't be bothered.

I don't want to get in the car.

I don't want to go driving.

I'm sick and tired of driving.

Driving is boring.

It's annoying.

You gotta keep doing all these annoying

things like, oh, you gotta brake and slow

down if there's cars in front of you.

You gotta be careful when the police are

around.

You've got to be careful all the time.

It's not fun.

It's stressful.

If you make a mistake and you get caught,

you'll be fined.

Worst case scenario, you get sent to jail

if it's really bad.

And it's just like a really risky

dangerous activity that I don't really

find fun and enjoyable, to be honest.

I thought having a car would be cool, and

it has been useful in certain very unique

situations that have cropped up in the

past few months, but I just don't really

care about driving or cars anymore.

And this thing is costing me £350 a month,

and I don't really feel like I'm getting

any use out of it anymore now that I don't

want to do delivery work.

And I don't know what to do with it, to be

honest.

I guess you could say I kind of regret

buying the car, or I regret buying such an

expensive car.

I could have just gotten a cheap petrol

car that could have just cost a couple

thousand pounds instead of £18,000 to own

my car, that I could pay 50% of the car

and then get myself out of the contract

and send the car back.

But then I would have paid about £7,000,

nearly £8,000, just so I could use a car

for half a year, and then I don't have

anything to show for it after shelling out

that £7,000.

Or I keep on paying for the car, the

remaining probably £8,000 plus £5,000

balloon payment, and then I will own the

car.

But in 4 years' time, the car is probably

going to be worth barely anything because

cars depreciate really quickly over 4

years.

So yeah, I don't really know what to do

about the car.

Maybe if I get really bored later, I'll

change my mind and I might do some Uber

Eats just to make some extra money, and

then it'll be okay, I guess.

But I just don't really want to do Uber

Eats, and I don't feel like having a car

or having such an expensive car is worth

having to do Uber Eats or having to work

harder to make more money just so I can

have the car.

Like I said, I could have just gotten a

cheaper car and it would have done the

same job as what my car does, but without

meaning that I have to go and do Uber Eats

or delivery work or get an extra job

because it's now so expensive every month.

So yeah, I don't know what to do about the

car.

I guess I'll just keep on paying it for

now and then try and figure out what to do

with it later.

So as for my mum's debt, I still owe my

mum £7,782, and I was planning to just do

Uber Eats for a couple months every single

day, and that would make me probably about

£5,000 or £6,000.

But I just don't think I can

can actually stomach doing Uber Eats every

single day.

I can't even— right now my motivation is

rock bottom.

I can't even be motivated to get out of

the house and actually sit in the car.

I just don't really want to look at it at

all, to be honest, and I want to focus on

doing something else because I'm sick and

tired of doing delivery work.

It's boring.

I hate it.

So here's my plan to pay back my mum.

Instead of doing Uber Eats every day, what

I'm gonna do instead is, because I still

have about £5,200 in my stock portfolio

and I've got about £500 in crypto.

I'm thinking if I just hold these assets,

these investments, for a couple more

months, hopefully they're going to go up

between 10 or 20%, and then I'll sell them

probably around March or April, and

hopefully I will have about £6,000 to

£7,000.

So I want to grow these assets from about—

currently they're about worth about £5,600

or £5,700.

I'm hoping they'll be worth about nearly

£7,000 in a couple months' time, then I'll

sell them Plus I'll make a bit of extra

money from YouTube and I'll add that into

the whole thing and I'll just sell

everything and then finally be done with

all the debt and pay off my mum

completely.

And then the only debt I have to focus on

next would be keeping up with the car

payments.

What I could do is I could try and get out

of my car contract and then give the car

back, pay whatever penalty fees I have to

pay to make it good with the financing

company.

And then maybe I could just share my mum's

car in case I do need to use the car to to

do something.

I just don't really see myself ever really

using the car anymore if I'm not going to

do delivery work and I'm just gonna stay

at home and focus on YouTube.

I don't really need a car anymore, but I

could just add myself onto my mum's

insurance policy and then use her car if I

do ever need to drive again.

So what I've learned from all this over

the past few years is basically make sure

you pay your taxes, especially if you

suddenly make a lot of money very quickly

within a couple years because of some kind

financial success or just luck.

Maybe just maybe pay the taxes properly,

then you won't get penalized or have to

pay late payment interests.

And also credit cards, extremely

dangerous, okay?

They can be a useful tool if you know what

you're doing and you have good

self-control and control over your

impulses.

But if you're very impulsive and you like

shopping and spending money, you should

not get a credit card.

You should not buy things if you can't pay

for it upfront.

No financing, no payment plans.

Stop all this monthly installment stuff on

Amazon.

This is not good.

Is just getting you into more debt.

And I kind of feel like credit cards are

evil.

They're designed in a way to take

advantage of weak-minded people who love

spending money and don't have very good

self-control, and they just spend, spend,

spend, and then put it on the credit card,

and then they get stuck in this infinite

debt spiral.

It's kind of like, imagine you're a fly

and you find this really sweet plant full

of sweet, delicious nectar, and then you

go inside of the plant and it's full of

nectar, and you drink and you drink and

you drink, and you think, wow, this is so

great.

This plant's so nice giving me all this

free nectar.

I wonder what the catch is.

And then you fall inside of the plant and

you drown in the nectar and then the plant

eats you.

That's basically what a credit card is

like.

It's like that.

It's a trap.

So I think I'm just going to try and be

really strict and not use the credit card

ever again.

And also make sure that I don't buy stuff

and put it on like a monthly payment plan.

If I can't afford to buy it upfront, then

I'm just not going to buy it.

That's going to be my new rule for 2025.