Ryan’s main concerns, in his own words:
My father in law offered myself and my wife (his step daughter) help getting into a home. His offer was that he would buy the home, then rent it to us for 5 years, started Sept 2015, then we could come back at the end of the 5 years and buy it from him at the fixed rate of what he bought it for so we wouldn’t have to worry about inflation. Neither my wife or I have super high paying jobs. This tax year we made a little over 50k together. The home is 250k and within the 5 years I am worried about getting our debt of about 35k paid off, getting our credit on track, and have enough saved to use as a down payment to buy this home from him. The debt consists of about 20k in combined student loans between my wife and I (15k is mine, 5k is hers) and a car note with about 3 and a half years left on it at about 15k. We basically live paycheck to paycheck with little to no money in savings. I have a 401k with about 9000k in it. To top it all off we recently found out that my wife is pregnant.
What we cover in this episode:
- What to do when your income isn’t enough for your lifestyle
- Climbing out of a debt hole
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