$160,000 Of Weed Debt | Financial Audit
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Summary
Takeaways
- ❖A $122,000 inheritance was spent in under a year on a school bus conversion and an estimated $1,000/week on weed for three months.
- ❖Alexis, 24, earns $12/hour at a smoke shop, plans to quit without a new job, and has multiple credit cards and Cash App loans in collections.
- ❖Drake, 23, an HVAC technician, earns about $5,500/month but spends $200/month on Magic the Gathering and has medical debt in collections.
- ❖The couple is engaged and planning a wedding in June with no money saved, relying on family contributions.
- ❖Both partners exhibit severe communication issues regarding finances, often shutting down or failing to provide clear answers.
- ❖Drake cosigned a car loan for a friend who crashed it and hasn't paid the remaining debt, which is now in collections.
- ❖Alexis's birth control implant is expired, and Drake lacks health insurance, increasing their financial and personal risks.
Insights
1Rapid Dissipation of Inheritance Funds
The couple received a $122,000 inheritance, which they spent in approximately 8 months. A significant portion was allocated to converting a school bus into a mobile home (estimated $35,000-$45,000), and they admitted to spending at least $1,000 a week on weed for a solid three months.
Alexis received a $122,000 inheritance check. Drake states they 'blew' it in 'a year and a half,' later clarified to 'about eight months.' They spent 'at least $1,000 a week on bud' for 'like a solid 3 months.'
2Chronic Financial Irresponsibility and Debt Accumulation
Both Alexis and Drake have multiple accounts in collections and struggle with basic financial management. Alexis has maxed-out credit cards and Cash App loans, consistently fails to make minimum payments, and plans to quit her low-paying job without a replacement. Drake has medical debt in collections and spends on hobbies despite the household's precarious financial state.
Alexis's Capital One QuickSilver card has a $300 limit but owes $422.62, with two late payments in two months. Her Cash App borrow is maxed out and negative. Drake has a $1,973 medical bill in collections for an appendix surgery and a $949 collection for appointments. He spends $200/month on Magic the Gathering cards.
3Severe Communication Breakdown in Financial Matters
The couple is unable to have productive conversations about money. Alexis shuts down when discussing finances, and Drake often responds with dismissive or 'salty' attitudes, or simply lists bills without engaging in a collaborative budgeting process. This lack of open dialogue prevents them from addressing their financial problems effectively.
Drake states Alexis 'shuts down' during financial conversations. Alexis confirms, 'She does shut down a lot.' Alexis also states Drake 'gets like a salty attitude and then just walk away.' When asked to discuss finances, Drake merely lists bills he pays, rather than engaging in a joint budgeting discussion.
4Impending Marriage with Zero Financial Preparedness
Despite being engaged for two years and planning a wedding in June, the couple has zero savings for the event. They are relying on family contributions and have not even finalized vendor costs, highlighting a significant disconnect between their life goals and financial reality.
They have been engaged for two years and are getting married in June. They have 'nothing saved up' for the wedding, which is estimated to cost around $10,000. Drake's dad is helping with a 'portion' but numbers haven't been clarified.
5Lack of Personal Accountability and Problem-Solving Skills
Both individuals consistently deflect responsibility and demonstrate an inability to proactively solve their financial or career problems. Alexis admits to being 'too comfortable' and not knowing what she wants to do, while Drake relies on others (like his father for business investment, or a friend to pay off a cosigned car loan) and offers excuses for not addressing issues.
Alexis states, 'I don't know what I want to do in life.' She admits to being 'too comfortable' in her easy job. Drake lost 10% ownership in a successful HVAC company because he 'screwed myself' by not getting paperwork. He expects a friend to pay off a $7,000 car loan he cosigned, despite the friend crashing it.
Lessons
- Implement a strict, shared budget using a budgeting app like DollarWise to track all income and expenses, ensuring both partners are fully aware of their financial situation.
- Prioritize paying off high-interest debt and collections accounts immediately. Drake should pause spending on hobbies like Magic the Gathering, and Alexis must commit to making minimum payments and actively seeking a higher-paying job.
- Schedule regular, structured financial meetings (e.g., weekly) to discuss money without emotional shutdown. Utilize external resources like financial counseling or couples therapy to improve communication skills.
- Alexis must secure a new, higher-paying job before quitting her current one, and both should explore career certifications (e.g., Course Careers) to increase earning potential.
- Sell the converted school bus to generate capital and pay down debt, rather than holding onto it for hypothetical future trips or minimal passive income.
- Address immediate health and insurance needs: Alexis must get her birth control implant replaced, and Drake needs to secure health insurance to prevent future medical debt crises.
Notable Moments
The couple admits to blowing a $122,000 inheritance in less than a year, including spending $1,000 a week on weed for three months.
This highlights extreme financial mismanagement and a lack of foresight, setting the stage for their current debt and struggles.
Alexis's birth control implant is expired, and Drake lacks health insurance, despite their desire to have children and existing medical debt.
This reveals a dangerous level of irresponsibility regarding personal health and future planning, directly impacting their financial stability and potential family life.
Drake cosigned a car loan for a friend who crashed the car and has not paid the remaining $7,000 debt, which is now in collections under Drake's name.
This demonstrates poor judgment and a lack of understanding of financial commitments, further burdening their already strained finances.
The couple is planning a wedding in June with absolutely no money saved, relying entirely on family contributions.
This illustrates a severe disconnect between their aspirations and their financial reality, indicating a lack of preparation for a major life event.
Quotes
"I got a $122,000 inheritance check. So then which we like blew in a year and two months. No, it was about a six. It was like eight months."
"We were spending at least $1,000 a week on bud."
"I thought that I had told him about everything that I like all of my debt. That's not my fault. He didn't remember."
"I don't know what I want to do in life. I want to find a career, but like I don't want to go out. That's not my problem. It's not his problem. That's your problem. Be an adult. Step the up and deal with it."
"I don't like to pay it off. I want the money."
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