'Financial Audit' star Caleb Hammer shares the money mistake he sees people make the most

Caleb Hammer says he doesn't see Americans' overspending woes going away anytime soon. Caleb Hammer via YouTube 2026-03-21T09:06:01.244Z Share Copy link Email Facebook WhatsApp X LinkedIn Bluesky Threads lighning bolt icon An icon in the shape of a lightning bolt.

Impact Link Save Saved Read in app Loading audio narration... This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in. YouTuber Caleb Hammer drags people for their poor financial decisions on his show "Financial Audit." He revealed the one mistake he sees people make the most — and why it's not entirely their fault. He also shared what he splurges on, having paid down his own debt. AI-generated summary Summaries are generated by an AI model trained on Business Insider's articles. AI may make mistakes or provide inaccurate/incomplete information. We're unable to load that answer right now. Please try again. What drives car obsession in the US? What are buy-now-pay-later services? What are common financial mistakes people make? How does poor infrastructure affect finances? How can financial education help debt issues? YouTuber Caleb Hammer has built a career digging into people's poor money decisions on his show, "Financial Audit." He says there's one mistake he sees most consistently."It's the cars," he said during a wide-ranging interview with Business Insider. "People are obsessed with getting whatever big truck or SUV that has the new year on it. And they say it's the safety features, because, you know, we were making cars one year ago that were just killing everyone. So you've got to get the 2027 Ford F-150 Turbo edition." Hammer, who also sells a budgeting app, Dollarwise, and financial education courses, conceded that it's not entirely people's fault that they fall into the car trap."You need to have a car to have a job, and you need to have a job to have a car," he said. "We have that endless loop because we have horrible public infrastructure in this country. We built everything around the car. So people are stuck in that loop." Every time Lucia publishes a story, you'll get an alert straight to your inbox! Stay connected to Lucia and get more of their work as it publishes. Sign up By clicking "Sign up", you agree to receive emails from Business Insider. In addition, you accept Insider's Terms of Service and Privacy Policy. Still, he said, people will also try to justify spending beyond their means on their "dream car.""It doesn't make sense," he continued. Hammer, 31, speaks from experience. He once racked up $120,000 in debt by paying for college, a car, and some impulse buys. He taught himself about money management, which inspired him to start his show.Now, he has a mortgage and a modest amount of debt, and has shifted his priorities. He spends on the occasional dinner out, his dogs, and hiring good people for his company. "I still love McDonald's," he said. "I try not to get it, and my girlfriend doesn't want me to because it's bad for me. But at least I can afford it."Hammer said he doesn't see the financial situation of everyday Americans improving anytime soon, especially with the rise of buy-now-pay-later services. "With Klarna being baked into everything and Afterpay, unfortunately, I have a feeling the show's going to be going till I'm done," he said.Read our full interview with Caleb Hammer here.